The Philadelphia Inquirer from Philadelphia, Pennsylvania on September 2, 2016 · Page A12
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The Philadelphia Inquirer from Philadelphia, Pennsylvania · Page A12

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Friday, September 2, 2016
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A12 THE PHILADELPHIA INQUIRER FRIDAY, SEPT. 2, 2016 C PHILLY.COM philly.com B phillyinquirer Phillylnquirer Get the latest business news, stock quotes, investor tools and sign up for Inquirer Business Update, our daily e-mail newsletter, at www.philly.combusiness BBBBBB Work at C.C. Filson Co. in Seattle. U.S. manufacturing contracted in August for the first time since February, as new orders and output plummeted the latter the most since 2012 and factories cut jobs, according to information released Thursday by the Institute for Supply Management. The news raises concern of renewed industrial weakness and is surprising, considering that other data suggest the economy is faring better, Bloomberg reported, ap In the Region Vanguard sees record inflows Vanguard Group Inc. is on track for another record year of inflows as investors increasingly shun stock pickers. The world's largest mutual fund company attracted $198.4 billion in the first eight months of this year, a 19 percent increase from the same period a year earlier, spokesman John Woerth said Thursday. In 2015, Vanguard lured $236.1 billion, the most ever for the company. Vanguard had $3.3 trillion in U.S. mutual funds and exchange-traded funds as of July 31, 22 percent of the entire market, Morningstar data show. American Funds had a market share of 8.4 percent and Fidelity Investments had 8.3 percent. Bloomberg News Biotech firm to Pennovation An Audubon, Montgomery County-based company is relocating into the University of Pennsylvania's Pennovation Center business and technology incubator as the facility's first biotech tenant. Liquid Biotech USA will lease lab space for biological and chemical research and take several spaces in the center's 110-seat coworking area, Penn's facilities and real-estate unit said in a release this week. The company, a spinout from Penn's research-commercialization organization, owns a technology that identifies and isolates certain cells frequently found in the blood of cancer patients, according to the release. Jacob Adelman Teva loses patent ruling Teva Pharmaceutical Industries Ltd. had a third patent on its top-selling multiple sclerosis drug, Copaxone, invalidated Thursday by a U.S. agency, a further blow to its bid to block generic versions of a drug that accounts for 20 percent of its revenue. The Patent Trial and Appeal Board sided with Mylan NV and Amneal Pharmaceuticals LLC in ruling that the patent covering the drug's thrice-weekly dosage never should have been issued. Teva's next step is to ask the board to reconsider that decision, and to petition an appeals court that specializes in patent law. Teva has its U.S. headquarters in North Wales. Bloomberg News Layoffs at Harley Harley-Davidson plans to cut more than 100 jobs at a plant in Pennsylvania. The motorcycle company is eliminating 200 positions across the country, including about 115 jobs at its Springettsbury Township plant. Union officials say layoffs will begin in early October and will finish by the end of November. Harley-Davidson said the company is making changes to "right-size" the company. The International Association of Machinists and Aerospace Workers, Local 175 said the company had about 2,000 hourly workers at the plant as of 2009. Now about 950 union members work there. Associated Press Elsewhere Jobless claims edge up Slightly more Americans sought unemployment benefits last week, but the overall levels still remain near historic lows in a positive sign for the job market. Applications for jobless aid rose 2,000 to a seasonally adjusted 263,000, matching its four-week moving average, the Labor Department said Thursday. The number of people collecting unemployment checks has fallen 4.4 percent from a year ago to 2.16 million. Weekly requests for jobless benefits have stayed below the threshold of 300,000 for 78 straight weeks, the longest streak since 1970. This indicates that employers are holding onto their workers in the belief that the broader U.S. economy will continue to grow. Associated Press Auto sales down U.S. sales of new cars and trucks fell in August. Overall industry sales dropped 4 percent to 1.5 million vehicles, according to Autodata Corp. General Motors' sales dropped 5 percent from last August while Ford's sales were down 8 percent. Toyota's sales were down 5 percent, Honda's fell 4 percent and Nissan's dropped 6.5 percent. Volkswagen's sales dropped 9 percent. Hyundai's sales were flat. Fiat Chrysler bucked the trend with a 3 percent increase in sales, while Subaru's were up 15 percent. Both companies benefited from consumers' increasing preference for SUVs. Sales of Fiat Chrysler's Jeep brand rose 12 percent. Total sales through August are up less than 1 percent over last year. Associated Press U.S. sales of new cars and trucks fell in August. General Motors' sales dropped 5 percent. APFiie Mortgage rates increase Long-term U.S. mortgage rates rose this week amid expectations in financial markets that an increase in interest rates by the Federal Reserve may be on the horizon. Mortgage rates remain at historically low levels, however. Mortgage giant Freddie Mac says the average for the benchmark 30-year fixed-rate mortgage was 3.46 percent, up from 3.43 percent last week. The average rate is down from 3.89 percent a year ago, and is close to its all-time low of 3.31 percent in November 2012. Associated Press Construction spending steady U.S. construction spending was unchanged in July as weakness in spending on government projects offset gains in home building and the strongest month for non-residential construction on record. The Commerce Department says construction spending was flat in July but declines in May and June were revised to show slight gains. The advance in July was led by a 1.7 percent increase in spending on non-residential projects which rose to an all-time high of $429.5 billion at a seasonally adjusted annual rate. Associated Press Stocks recover from early losses By Marley Jay ASSOCIATED PRESS U.S. stocks staged a late recovery Thursday and finished mostly higher, led by technology and metals companies. However, energy companies continued to fall with the price of oil. In early trading the Dow Jones industrial average lost as much as 105 points. But those losses faded around noon and stocks finished more or less back where they started. Banks and utility companies slipped, and energy companies took losses as oil prices fell for the fourth day in a row. It has now been almost two months since the stock market has made a big move. The market recorded a tiny loss in August after an extraordinarily quiet month. The Dow rose 18.42 points, or 0.1 percent, to 18,419.30. The Standard & Poor's 500 index lost 0.09 points to 2,170.86. The Nasdaq composite gained 13.99 points, or 0.3 percent, to 5,227.21. U.S. crude oil gave up $1.54, or 3.4 percent, to $43.16 a barrel in New York. Brent crude, the benchmark for international oil prices, fell $1.44, or 3.1 percent, to $45.45 a barrel in London. Valero Energy lost $1.06, or 1.9 percent, to $54.29. Diamond Offshore Drilling sank after the company said Brazilian oil company Petrobras is terminating a contract with it. Diamond said it does not believe Petrobras' actions are legal. Its shares lost $1.96, or 10.6 percent, to $16.51. Technology companies made the biggest gains. Hewlett Packard Enterprise gained 68 cents, or 3.2 percent, to $22.16. Nvidia picked up $1.81, or 3 percent, to $63.15 and Baidu rose $5.55, or 3.2 percent, to $176.62. Costco stock fell after the company reported weak sales for August. The wholesale club operator said sales at older stores were unchanged compared with last year, while analysts expected some growth. The stock gave up $5.88, or 3.6 percent, to $156.21. Cable company Charter Communications, which recently bought Time Warner Cable and Bright House Networks, rose after S&P Dow Jones said the company will be added to the Standard & Poor's 500 index next week. Charter gained $11.61, or 4.5 percent, to $268.82. U.S. government bond prices didn't move much. The yield on the 10-year Treasury note fell to 1.57 percent from 1.58 percent. The dollar fell to 103.32 yen from 103.44 yen, and the euro rose to $1.1197 from $1.1162. In other energy trading, wholesale gasoline dropped 6 cents to $1.27 a gallon. Heating oil fell 4 cents to $1.38 a gallon. Natural gas fell 10 cents to $2.79 per 1,000 cubic feet. The price of gold rose $5.70 to $1,317.10 an ounce. Silver jumped 24 cents, or 1.3 percent, to $18.94 an ounce. From the Associated Press Most Active Stock Volume (00) Last Chg BkofAm 1272044 15.98 -.16 VanEGold 1097924 26.42 .93 S&P500ETF 884459 217.39 .01 iShEMkts 655915 36.81 .28 SiriusXM 590436 4.15 .01 Largest gains Stock Last Chg Chg Cynapsgn 39.70 21.34 116.2 Impinjn 27.57 4.75 20.8 Highpwrlnt 2.83 .45 19.1 SilvrRunwt 5.05 .78 18.3 Optibase 7.98 1.21 17.8 Largest losses Stock Last Chg Chg Gensco 48.79 -23.85 -32.8 Vectrus 26.91 -6.83 -20.2 Yirendain 20.40 -3.69 -15.3 DxGIMBr rs 29.92 -4.86 -14.0 Cytokinetic 10.50 -1.57 -13.0 Phila. Stock Exchange Index Last Chg. Gold and Silver 93.32 3.15 Semiconductor 808.36 6.88 Banks 72.20 -0.42 Oil Service 154.81 -1.79 Top local stocks Stock Last Chg. Chg. Actua 10.59 0.41 4.0 Aetna 116.16 -0.96 -0.8 AmWtrWks 73.36 -0.63 -0.9 Amerigas 45.40 -0.43 -0.9 AmeriBrgn 87.15 0.18 0.2 Ametek 48.78 0.03 0.1 AquaAm 30.37 -0.04 -0.1 AstraZens 32.60 -0.21 -0.6 BncpBnk If 6.13 -0.06 -1.0 BkofAm 15.98 -0.16 -1.0 BioTelem 18.70 0.23 1.2 Boeing 129.90 0.45 0.3 Brandyw 16.00 -0.13 -0.8 BrynMawr 31.99 -0.18 -0.6 CDI 5.69 -0.01 -0.2 CSSInds 25.28 -0.19 -0.7 TCampSp 56.91 -3.81 -6.3 Chemtura 30.30 0.31 1.0 Cigna 127.64 -0.62 -0.5 Comcast 65.89 0.63 1.0 CrownHold 54.77 0.54 1.0 CubeSmart 27.89 0.36 1.3 TDestMatrn 5.58 -0.47 -7.8 Dorman 63.21 0.14 0.2 DowChm 53.80 0.16 0.3 DuPont 69.73 0.13 0.2 EPAMSys 69.09 0.88 1.3 Endolntl 20.23 -0.47 -2.3 EngyTsfr 40.12 0.18 0.5 Entercom 13.43 -0.28 -2.0 Exelon 33.81 -0.19 -0.6 FMCCorp 46.70 -0.24 -0.5 FiveBelow 44.05 -0.51 -1.1 GlaxoSKIn 42.98 -0.48 -1.1 Glblndem 29.17 0.32 1.1 GlobusMed 23.46 0.23 1.0 HlthCSvc 40.41 0.04 0.1 Hershars 19.03 -0.51 -2.6 Hill Intl 4.42 0.04 0.9 Incyte 80.81 -0.29 -0.4 InnovSolu 3.12 0.02 0.6 InstFnMkts 1.18 0.04 3.5 InterDig 71.53 0.12 0.2 J&J Snack 122.06 0.06 JPMorgCh 67.21 -0.29 -0.4 JohnJn 119.08 -0.26 -0.2 Knoll Inc 26.24 -0.22 -0.8 LibQVCA 21.27 0.14 0.7 LibtProp 40.88 -0.35 -0.8 LincNat 47.44 -0.59 -1.2 M&TBk 117.32 -1.01 -0.9 MalvernBc 16.50 0.10 0.6 MarlinBs 18.79 -0.01 -0.1 Merck 62.90 0.11 0.2 NutriSyst 28.51 -0.31 -1.1 PHH Corp 15.24 -0.06 -0.4 PNC 89.99 -0.11 -0.1 PennaRE 24.70 -0.39 -1.6 PrudntlBcp 14.54 -0.49 -3.2 PSEG 42.59 -0.17 -0.4 QuakerCh 100.70 0.70 0.7 RAIT Fin 3.02 -0.12 -3.8 RadianGrp 13.84 0.13 0.9 RescAm 9.76 ResCaprs 13.26 -0.01 -0.1 RoyalBcPA 2.43 -0.05 -2.0 SAPSE 88.47 0.50 0.6 Dow Summary Dow Jones industrial average. 18,500 18,000 17,500 -Aug. 4 18,352.05 AUG. SEPT. 17,000 8 15 22 29 0.37 2016 high: Last four weeks 18,636.05 (Aug. 15) 5.71 2016 low: Year to date 15,660.18 (Feb. 11) Staff graphic Stock Last Chg. Chg. SEI Inv 45.82 -0.28 -0.6 SLM Cp 7.36 -0.06 -0.7 SafegdSci 13.93 -0.17 -1.2 Shire 188.50 1.32 0.7 SoJerlnds 29.35 -0.33 -1.1 SunocoLog 29.55 -0.05 -0.2 TE Connect 63.18 -0.39 -0.6 Teleflex 184.10 1.01 0.6 TevaPhrm 50.90 0.51 1.0 TollBros 30.62 -0.47 -1.5 TorDBkgs 44.85 0.25 0.6 TriumphGp 32.17 0.31 1.0 UGlCorp 45.49 0.01 Unisys 10.09 -0.01 -0.1 UnvHR 61.57 -0.02 UnivHIthS 118.82 -1.71 -1.4 UnivstPa 23.21 -0.13 -0.6 UrbanOut 35.78 -0.07 -0.2 VerizonCm 52.56 0.23 0.4 Vishaylnt 14.20 0.04 0.3 WSFSs 38.51 -0.39 -1.0 WellsFargo 50.43 -0.37 -0.7 WestPhrm 81.73 -0.10 -0.1 Widely held stocks Most shares outstanding. DailyYTD Stock Last Chg. Chg. Chg. AT&T Inc 40.96 .08 .2 19.0 Apple Inc 106.73 .63 .6 1.4 BcBilVArg 6.29 .07 1.1 -14.2 BcoBrades s unch ... 76.1 BcoBrads 8.79 -.13 -1.5101.0 BcoSantSA 4.52 .04 .9 -7.2 BcoSBrasil 6.94 -.06 -.9 78.4 BkofAm 15.98 -.16 -1.0 -5.1 Barclay 9.13 .02 .2 -29.6 ChinaLifes 12.02 .11 .9 -24.8 ChinaMble 60.94 .23 .4 8.2 Cisco 31.58 .14 .4 17.2 CocaCola 43.35 -.08 -.2 .9 ExxonMbl 86.84 -.30 -.3 11.4 FstReppfD 26.15 -.05 -.2 4.1 FordM 12.44 -.16 -1.3 -11.7 GenElec 31.20 -.04 -.1 .2 HSBC 37.88 .68 1.8 -4.0 ING 12.68 .13 1.0 -5.8 Intel 36.02 .13 .4 4.6 ItauUnibH 11.14 .07 .6 71.4 JPMorgCh 67.21 -.29 -.4 2.5 LloydBkg 3.30 .09 2.8 -24.3 Microsoft 57.59 .13 .2 3.8 MitsuUFJ 5.61 .10 1.8 -9.8 MizuhoFn 3.52 .05 1.4 -12.9 NTT D0C0 25.41 .12 .5 24.0 NokiaCp 5.66 -.01 -.2 -19.4 Nomura 4.72 .04 .9 -15.0 Oracle 41.16 -.06 -.1 13.1 PetrbrsA 7.96 .06 .8 134.1 Petrobras 9.22 .08 .9 114.4 Pfizer 34.68 -.12 -.3 7.4 RBScotlnd 5.36 .03 .6 -39.6 RoyDShllB 51.26 -.43 -.8 11.3 RoyDShllA 48.63 -.27 -.6 6.2 SiriusXM 4.15 .01 .2 2.0 Sprint 6.20 .02 .3 71.3 SumitMitsu 7.09 .142.0 -6.6 TaiwSemi 28.96 .22 .8 27.3 TelefEsp 10.11 .05 .5 -8.6 UBSGrp 14.46 .01 .1 -25.3 Vale SA 5.39 .12 2.3 63.8 VerizonCm 52.56 .23 .4 13.7 WellsFargo 50.43 -.37 -.7 -7.2 Interest Rates Commodities Treasuries Last Chg, Fuel Last Chg, 3-moT-bill .32 Unleaded Gas (gal) 1.27 -.14 6-mo T-bill .44 -.02 Crude Oil (bbl) 43.16 -1.54 2-year T-note .79 -.02 Natural Gas (mm btu) 2.79 -.10 10-year T-note 1.57 -.01 Heating Oil (gal) 1.38 -.03 30-year T-bond 2.23 Bonds Metals Barclays US High Yield 6.31 Barclays Bond Index 2.06 Barclays US Inv Grade 1.95 .01 Last Year 13 3.25 .75 Last Chg. Copper (lb) 2.07 Gold (oz) 1312.20 5.30 Platinum (oz) 1048.90 -4.60 Silver (oz) 18.86 .24 Agriculture Rates Rate Cattle (lb) 1.04 Fed-funds rate .38 Coffee (lb) 1.50 -.08 .04 Prime rate 3.50 Corn (bu) 3.11 Discount rate 1.00 Cotton (lb) .68 U.S. Savings Bonds Lumber (1000 bdft)308.70 Rate Soybeans (bu) 9.59 Series EE 0.10 Wheat (bu) 3.68 .09 .03 -4.00 -.01 .07 Series I 0.26 (Change figures reflect current contract.) Mutual Funds NAV c"9- , . . T Rowe Price Newlncome 9.76 .01 NAV Chg- Vanguard SOOAdml 201.06 -.01 American ds Am alA m 07 Vanguard DivGr 23.88 .01 American Fds Cap ncBuA m 59.32 . 2 r. , ,,,ir , , , tzz - : r , r u.,r ,, Vanguard HltCrAd ml 87.22 .03 American Fds CpW dGr A m 45.52 .09 2 , . ,. , . tztt. - : r , r , , 77 m Vanguard Instldxl 199.11 -.01 American Fds FnlnvA m 53.83 .07 - 2 r-rr; -. : r . , ... , 777 Vanguard ns P us 99.3 American Fds GrthAmA m 43.53 .06 - r, tt tttz American Fds IncAmerA m Wi anar ns J ' f- American Fds InvCoAmA m 36.60 .01 Vanguard IntlStkldxAdm 252311 American Fds NewPerspA m 37.19 .12 Vanguard IntlStkldxIPIs 100.93 .45 American Fds WAMutlnvA m 41.00 ... Vanguard MidCpAdml 160.51 .15 DodgeS Cox Income 13.95 .1 Vanguard MulntAdml 1454 -01 DodgeS Cox IntlStk 3835 .15 Vanguard PrmcpAdml 10974 J6 DodgeS Cox Stock 17139 .23 Vanguard STGradeAd 10.78 Fidelity 500ldxlns 76.63 Vanguard TgtRe2025 16.72 .02 Fidelity 500ldxPr 76.63 Vanguard TotBdAdml 11.10 Fidelity Contra 101.76 .11 Vanguard TotBdlnst 11.10 Fidelity ContraK 101.75 .11 Vanguard Totlntl 15.08 .06 Fidelity LowPriStk d 49.79 .05 Vanguard TotStlAdm 54 39 .01 FrankTemp-Frank IncomeA m 2.25 Vanguard TotStllns 54 39 Harbor Intllnstl 61.82 .50 Vanguard TotStldx 5436 .01 Metropolitan West TotRetBdl 11.03 Vanguard WellslAdm 63.97 .04 PIMCO TotRetls 1034 Vanguard WelltnAdm 67.57 -.02 T Rowe Price GrowStk 53.49 .04 Vanguard WndsllAdm 63.45 -.05

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