Tom Gresham

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As the U.S. tries to wrestle global supply chains back from China, Taiwan Semiconductor, a major supplier to Apple and Qualcomm, has confirmed plans to build a $12B chip factory in Arizona. The plant, which would create over 1,600 jobs, will produce the most sophisticated 5-nanometer chips that can be used in high-end defense and communications devices. The administration is also in talks with Intel about new foundries. While the company has major domestic manufacturing operations, it supplies only its own chips rather than making them for outside customers. (SA)

 

While final negotiations with lenders could still spill into the weekend, J.C. Penney is planning to file for bankruptcy within the next 24 hours.. The retailer has been in discussions with its first-lien lenders for a $450M loan to finance the bankruptcy and would require the achievement of certain goals to receive the second half of it. Restructuring plans include closing 180-200 out of the 846 J.C. Penney department stores that were active as of February. (CNBC)

 

Consumer spending tumbled a record 16.4% in April as the backbone of the U.S. economy retrenched amid the coronavirus pandemic, according to data released this morning.  Economists surveyed by Dow Jones expected the advanced retail sales number to fall 12.3% after March's reported 8.3% dive already had set a record for data going back to 1992. The March numbers were revised to be not as bad as the 8.7% initially reported.  Some 68% of the nation's $21.5 trillion economy comes from personal consumption expenditures, which tumbled 7.6% in the first quarter just as social distancing measures aimed at containing the coronavirus began to take effect. (WSJ)

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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