Market Report THE DAILY HERALD
THE DAY ON WALL STREET After several days surfing Wall Street’s gut-wrenching swells and troughs, investors got a smoother ride on Thursday. The stock market took an early plunge but recovered nearly all of the ground it lost as the day went on. By the closing bell most indexes were showing modest gains. Despite the relatively calm day, many market pros say investors haven’t seen the last of the market’s big moves. Traders are still fretting that global growth will slow and that Europe could slip into another recession, hurting corporate profits. — Associated Press
INTEREST RATES Last 3.25 0.75 .00-.25 0.03 0.05 1.38 2.16 2.94 0.23
Prime Discount Federal Funds Treasury 3 month Treasury 6 month Treasury 5 year Treasury 10 year Treasury 30 year Libor 3-month
CURRENCY Australia Britain Canada China Denmark Euro Hong Kong India Indonesia Israel Japan Malaysia Mexico New Zealand Norway Philippines Russia
Previous 3.25 0.75 .00-.25 0.02 0.05 1.34 2.14 2.92 0.23
U.S. dollar buys
Foreign buys
1.1413 .6226 1.1255 6.1235 5.8184 .7815 7.7582 61.570 12250.00 3.6985 106.19 3.2830 13.5488 1.2590 6.5643 44.99 40.8550
.8762 1.6061 .8885 .1633 .1719 1.2796 .1289 .0162 .000082 .2704 .009417 .3046 .073807 .7943 .1523 .0222 .0245
COMMODITIES Unleaded gas (gal) Crude oil (bbl) Natural gas (mm btu) Heating oil (gal) Copper (lb) Gold (oz) Platinum (oz) Silver (oz) Cattle (lb) Coffee (lb) Orange juice (lb) Corn (bu) Cotton (lb) Lumber (1,000 brd ft) Ethanol (gal) Soybeans (bu) Wheat (bu)
Last 2.21 82.70 3.80 2.47 2.98 1240.50 1252.40 17.39 1.65 2.17 1.36 3.52 .64 335.10 1.71 9.66 5.17
Previous 2.15 81.78 3.80 2.46 3.00 1244.10 1261.40 17.42 1.63 2.16 1.37 3.48 .64 336.20 1.65 9.53 5.06
MAJOR INDEXES
52-Week High
Name
WWW.HERALDNET.COM
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Low
Dow Jones Industrials 17,350.64 15,136.38 Dow Jones Transportation 8,714.94 6,608.47 NYSE Composite 11,334.65 9,702.34 Nasdaq Composite 4,610.57 3,766.28 S&P 500 2,019.26 1,692.13 S&P MidCap 1,452.01 1,251.24 Wilshire 5000 21,329.33 18,067.76 Russell 2000 1,213.55 1,040.47
FRIDAY, 10.17.2014
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Last
Chg
%Chg
YTD %Chg
12-mo %Chg
16,117.24 8,026.20 10,123.74 4,217.39 1,862.76 1,311.06 19,682.83 1,086.11
-24.50 +88.72 +14.07 +2.07 +.27 +12.48 +65.27 +13.66
-.15 +1.12 +.14 +.05 +.01 +.96 +.33 +1.27
-2.77 +8.45 -2.66 +.98 +.78 -2.34 -.12 -6.66
+4.85 +18.95 +1.90 +9.17 +7.48 +2.46 +6.32 -1.47
GAINERS/LOSERS NYSE
Most Active ($1 or more)
Gainers ($2 or more)
Losers ($2 or more)
Name
Vol (00)
Last
Chg
Name
Vol (00)
Last
Chg
S&P500ETF BkofAm iShEMkts B iPVix rs SPDR Fncl
1779456 186.27 1448499 16.08 985605 40.27 851479 40.33 800364 22.04
-.16 +.32 -.37 +.92 ...
ITT Ed AtlPwr g MStewrt ArchCoal MidstsPet
30567 30697 9436 227986 22176
5.57 +1.60 2.46 +.45 4.50 +.80 2.23 +.36 2.83 +.44
Name
Vol (00)
MonstrWw SwstnEngy DrxBrzBull BarcLgB MS CrOil31
48899 233967 3543 2 20
Last
Chg
4.02 -.87 31.97 -3.72 16.04 -1.77 175.77 -17.10 33.70 -3.25
NASDAQ Most Active ($1 or more)
Gainers ($2 or more)
Name
Vol (00)
Last
Chg
PwShs QQQ Apple Inc s Facebook Microsoft Intel
589034 531849 524189 480480 467192
91.79 -.58 96.26 -1.28 72.63 -.58 42.74 -.48 30.85 -.43
Name
Vol (00)
DLH Hldgs AldHlPd NewLink SearsCda g AquinoxP n
Last
Losers ($2 or more) Chg
2202 3.43 +.95 78410 2.90 +.74 35819 31.87 +6.43 126 9.50 +1.76 669 7.33 +1.34
Name
Vol (00)
LibTripB n Netflix ExtrmNet PilgrimsP Tetraphase
18 80515 82423 54275 19181
Last
Chg
19.64 -15.80 361.70 -86.89 3.06 -.70 25.91 -5.72 20.11 -3.55
AMEX Most Active ($1 or more) Name
Vol (00)
Last
Gainers ($2 or more) Chg
iBio 259272 1.89 +.50 Versar 202352 5.67 -1.27 Globalstar 90762 2.17 +.26 AlphaPro 90285 6.83 -1.54 CheniereEn 66452 68.20 +2.36
Name
Name StrPathCm Bacterin rs EmeraldO Globalstar GreenH pfC
Vol (00)
Last
Losers ($2 or more) Chg
4035 20.84 +3.54 796 3.96 +.56 56041 3.96 +.53 90762 2.17 +.26 277 22.49 +2.45
Name
Vol (00)
Last
Chg
AlphaPro Versar BiP Tin AMCON Servotr
90285 6.83 202352 5.67 8 42.65 13 78.19 49 7.02
-1.54 -1.27 -2.35 -3.81 -.28
25 BIGGEST MUTUAL FUNDS Total Assets Return%
PIMCO Instl PIMS: TotRt Vanguard Idx Fds: TotStk Vanguard Admiral: 500Adml Vanguard Admiral: TStkAdm Vanguard Instl Fds: InstIdx Vanguard Instl Fds: TSInst Vanguard Instl Fds: InsPl Fidelity Invest: Contra American Funds A: GwthA p American Funds A: IncoA p American Funds A: CapIBA p Dodge&Cox: IntlStk Vanguard Admiral: WelltnAdm Dodge&Cox: Stock American Funds A: ICAA p American Funds A: CapWGA p Frank/Temp Frnk A: IncomA p American Funds A: WshA p Vanguard Idx Fds: TotlIntl Vanguard Admiral: TtlBAdml American Funds A: BalA p Harbor Funds: Intl r Fidelity Spart Adv: 500IdxAdv American Funds A: FdInvA p Frank/Tmp Frnk Adv: GlbBdAdv
OBJ
($Mlns)
4-wk
12-mo
IB XC SP XC SP XC SP LG LG BL BL IL BL LV LC GL BL LC IL IB BL IL SP LC WB
127,755 114,754 113,827 102,194 96,358 85,349 81,815 76,137 72,136 71,629 69,065 64,673 61,676 58,690 57,812 56,238 53,813 51,623 49,661 45,430 45,357 43,896 43,417 43,112 39,134
+1.1 -7.3 -7.3 -7.3 -7.3 -7.3 -7.3 -7.6 -8.0 -5.4 -4.8 -10.6 -4.5 -10.0 -7.5 -7.8 -5.9 -7.4 -9.5 +2.0 -4.7 -10.0 -7.3 -8.1 -1.7
+3.8 +9.0 +10.4 +9.2 +10.4 +9.1 +10.4 +8.2 +7.2 +6.6 +5.0 +2.5 +7.9 +8.6 +11.3 +3.5 +5.9 +9.2 -3.7 +5.3 +7.8 -6.2 +10.4 +7.1 +2.7
Minimum investment
5-year
Load
+28.9 +91.2 +90.0 +92.3 +90.1 +92.3 +90.3 +89.2 +76.8 +65.4 +48.7 +40.3 +64.3 +90.5 +78.4 +47.6 +60.3 +90.0 +21.3 +23.7 +70.6 +29.4 +89.9 +75.9 +36.1
NL 1,000,000 NL 3,000 NL 10,000 NL 10,000 NL 5,000,000 NL 5,000,000 NL 200,000,000 NL 2,500 5.75 250 5.75 250 5.75 250 NL 2,500 NL 50,000 NL 2,500 5.75 250 5.75 250 4.25 1,000 5.75 250 NL 3,000 NL 10,000 5.75 250 NL 50,000 NL 10,000 5.75 250 NL 1,000
G = Growth. GI = Growth & Income. SS = Single-state Muni. MP = Mixed Portfolio. GG = General US Govt. EI = Equity Income. SC = Small Co Growth. A = Cap Appreciation. IL = International. Total Return: Change in NAV with dividends reinvested. Rank: How fund performed vs. others with same objective: A is in top 20%, E in bottom 20%. Percent Load: Sales charge. Min Initial Investment: Minimum $ needed to invest in fund. NA = Not avail. NE = Data in question. NS = Fund not in existence.
McCusker From Page A13
deals with how markets really work. Markets are not often perfectly competitive, but usually have a small number of competitors — an oligopoly in economists’ lingo. While a considerable amount of theoretical work had been done on oligopoly — spurred in no small way by the interest in how prices for oil and gasoline were determined — very little has been done to match regulatory goals to the “situation on the ground” in the industries themselves. Professor Tirole’s Nobel award may change all that. While the underlying concept of Jean Tirole’s work is easily understood, his analysis is not. When you discover that the Nobel committee’s explanatory summary took 58 pages you get an idea of the problem. Those pages are not likely going to be the basis for a Broadway production of “Tirole: The Musical.” Part of the complexity is that Tirole’s theoretical approach involves game theory, which requires an understanding of mathematics that doesn’t come easy for most of us mortals. The purpose of this, though, is to provide a sound theoretical foundation for the regulatory solutions he discovers. He succeeded in this, which is, of course, why the prize was awarded. In addition to the foundation his theory provides, the complexity provides regulators assistance in recognizing that oligopolies and other imperfectly competitive markets tend to be individualistic. The oil and gasoline business is different from the silicon chip business and neither is quite like the insurance or banking business. Each of them has a structure and driving forces sufficiently different to make a single, one-sizefits-all, regulation ineffective. We need regulations, and laws, which are tailored to fit goals for specific industries if we
expect to get the results we want. It takes a while for ideas in economic theory to be absorbed in the U.S., especially if they originate somewhere else, like France. And while Wall Street’s collapse gave a burst of energy to government meddling and regulating, there have no big changes in oligopolistic markets themselves. If anything, through consolidations they have become more entrenched and more powerful in our economy. Professor Tirole’s work explained why, but few were listening. Government regulatory efforts that take legal action against firms with excessive market power tend to end in darkness and despair. In one Justice Department lawsuit against IBM, for example, after a trial that lasted six years the suit was declared to be “without merit” and tossed out of court. Part of the problem is the wording of the regulatory laws, whose origins date back to the Teddy Roosevelt era. Professor Tirole’s work may be helpful in bringing the legal structure up to date. The Nobel laureate’s analysis does not cover the political reality of drafting regulations, though, and that is a world unto itself. As soon as Congress schedules hearings for drafting new regulations for an industry, it is like announcing a lobbyists’ convention. Industry representatives also parse every phrase and sentence of proposed regulatory language and insist, often very effectively, on changes that favor their interests. As a result of gaps in economic theory the U.S. experience with market and industry regulations has been generally more successful with monopolies than oligopolies. Jean Tirole’s work will help immensely with the theory side of the problem, but it is up to us to solve the political influence side, which, come to think of it, ruins a lot of things in government. James McCusker is a Bothell economist, educator and consultant. He also writes a column for the monthly Herald Business Journal.
PACIFIC NORTHWEST
NORTHWEST STOCKS NAME
TICKER
YTD
52-WK LOW
AlaskaAir s Amazon Avista BallardPw BarrettB Boeing ColBnkg ColSprtw s ConcurTch ConocoPhil Costco CraftBrew Cray Inc Data IO ElectSci Esterline ExpdIntl FEI Co FLIR Sys HrtgeFn Idacorp Itron KeyTech KeyTrn Lattice LithiaMot LaPac MentorGr MicronT Microsoft Microvisn Nautilus NikeB Nordstrm NwstNG NwstPipe Outerwall Paccar Penford PlumCrk PopeRes PrecCastpt RadiSys RealNetwk Rntrak SareptaTh SeattGen Starbucks TTM Tch TmbrlndBc TriQuint US Bancrp VerizonCm WashFed Weyerhsr Zumiez
ALK AMZN AVA BLDP BBSI BA COLB COLM CNQR COP COST BREW CRAY DAIO ESIO ESL EXPD FEIC FLIR HFWA IDA ITRI KTEC KTCC LSCC LAD LPX MENT MU MSFT MVIS NLS NKE JWN NWN NWPX OUTR PCAR PENX PCL POPE PCP RSYS RNWK RENT SRPT SGEN SBUX TTMI TSBK TQNT USB VZ WAFD WY ZUMZ
+19.4 -24.1 +18.2 +88.1 -52.6 -11.9 -9.4 -10.9 +23.8 -5.3 +3.3 +4.1 +.2 +20.6 -34.5 +4.5 -11.4 -12.9 -3.0 -1.9 +9.8 -10.6 -10.7 -23.0 +16.6 +1.0 -26.7 -20.2 +30.1 +14.2 +34.8 +53.3 +10.7 +10.6 +3.9 -11.7 -19.5 -1.9 +45.1 -13.8 -2.6 -17.3 +3.5 -15.5 +92.4 +9.5 -12.9 -7.3 -29.0 +9.7 +95.7 -3.2 -3.0 -12.7 +2.6 +23.7
30.96 284.38 26.41 1.25 39.02 116.32 23.59 29.54 74.43 62.74 109.50 10.07 21.30 2.16 5.96 76.82 38.14 72.74 27.91 15.19 49.07 32.30 10.75 7.50 4.17 53.57 12.46 18.25 16.17 33.57 1.03 6.76 69.85 54.90 40.05 31.79 51.17 53.59 10.71 38.70 63.24 217.52 2.02 6.00 34.01 12.12 30.80 67.93 5.70 8.20 6.80 36.77 45.45 19.52 27.48 20.68
Associated Press CUPERTINO, Calif. — Apple unveiled a thinner iPad Thursday with a faster processor and a better camera as it tries to drive excitement for tablets amid slowing demand. The company also released an update to its Mac operating system and introduced a high-resolution iMac model that might appeal to heavy watchers of television over the Internet. The new iPad Air 2, at a quarter of an inch “thin,” also adds many of the features previously available on iPhones. That includes the ability to take burst shots and slow-motion video, and unlock the
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CHANGE
+1.81 -3.11 -.20 +.14 +1.46 +.10 +.46 -.03 +.58 +.68 -1.35 -.01 +2.17 +.06 -.02 -.39 -.34 +.45 -.13 -.07 -.01 -.47 -.20 +.02 +.08 +.77 +.14 +.21 +.76 -.48 +.03 +.73 +1.86 -.18 -.07 +.74 -1.36 +.98 +.05 +.51 -.60 -.34 +.05 +.15 -1.00 +1.39 +1.40 +.26 +.01 -.06 +.26 +.16 -.25 +.38 +.30 -.61
Pot From Page A14
in Pasco, was fined twice: $2,500 on Sept. 16 for having unauthorized product or unapproved storage, and $1,000 on Sept. 25 for failing to maintain a required security alarm or surveillance system. Liquor board spokesman Brian Smith said Botany Unlimited is scheduled for an informal hearing about the fines next month. The company declined
$1,600, and BMF Washington, a grower in Raymond, was fined $3,000. The reasons for those fines were not immediately clear. About three dozen other businesses have been issued warnings, mostly for failing to file sales reports with the board. Many didn’t realize that they were required to file the reports even if they did not sell any marijuana, Smith said. “Really what we’ve found is the industry has been very careful,” he said. “They want to do everything they can not to jeopardize their license.”
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43.80 302.86 33.33 2.85 43.98 120.29 24.90 35.10 127.77 66.93 122.95 17.09 27.52 3.10 6.85 106.57 39.21 77.84 29.20 16.77 56.93 37.06 12.80 8.48 6.40 70.08 13.56 19.20 28.30 42.74 1.78 12.92 87.04 68.33 44.50 33.35 54.18 58.05 18.64 40.10 65.25 222.77 2.37 6.38 72.90 22.30 34.73 72.64 6.09 10.55 16.32 39.10 47.67 20.33 32.39 32.15
comment. Another licensed grower, Green Chiefs of Granite Falls, was fined $5,000 for failing to use or maintain systems designed to track its marijuana. Green Chiefs hasn’t informed the board about whether it wants to seek a hearing over the matter, Smith said. The company did not return phone messages. Two other companies were issued fines that were not reflected in the September data, Smith said. After hearings, Green Apple, a licensed grower in Silverdale, was fined
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n PNDN 2x2 DISPLAY - Daily Newspapers
DIV
.50 ... 1.27 ... .72 2.92 .56f .56 ... 2.92 1.42 ... ... ... .32 ... .64f 1.00 .40 .36f 1.88 ... ... ... ... .64 ... .20 ... 1.24f ... ... .96 1.32 1.86f ... ... .88 ... 1.76 2.60 .12 ... ... ... ... ... 1.04 ... .20f ... .98 2.20f .59f 1.16 ...
hardware and software. “They’re designed to be incredible products individually but they’re also designed to work together seamlessly,” CEO Tim Cook said. “This is our vision of personal technology, andwe are just getting started.” It’s been a year since Apple came out with a lighter, thinner full-size model called the iPad Air. Apple refreshed that with a device that is skinnier by 18 percent at 6.1 millimeters. The rear camera is boosted to 8 megapixels, matching what’s found in iPhones. Previous iPads had a 5 megapixel camera. The iPad Air 2 will start at $499.
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29 newspapers - 1,187,980 circulation Number of words: 25 l Extra word cost: $10 Cost: $540 (Runs 3 consecutive days including wkds.)
50.49 408.06 34.85 8.38 102.20 144.57 30.36 44.98 130.39 87.09 131.41 18.70 42.09 3.63 12.33 122.52 46.90 111.57 37.42 18.64 58.79 46.09 15.00 11.50 9.19 97.20 18.96 24.31 34.85 47.57 3.38 13.31 90.50 71.45 47.50 41.43 74.30 68.81 18.90 50.08 71.00 275.09 4.59 8.95 75.39 48.32 55.99 82.50 10.91 11.83 21.48 43.92 53.66 24.53 34.60 33.64
device with a fingerprint ID sensor instead of a passcode. Meanwhile, Apple made its new Mac operating system, Yosemite, available as a free download starting Thursday. The new 27-inch iMac — which Apple is dubbing the “Retina 5K” model — went on sale Thursday as well. The company also said Apple Pay, its new system for using iPhones to make credit and debit card payments at retail stores, will launch on Monday. Much of the emphasis at Thursday’s product-launch event centered on how Apple’s devices work well together because the company makes both its
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52-WK HIGH
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