Arizona Daily Star from Tucson, Arizona on October 17, 2020 · A13
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Arizona Daily Star from Tucson, Arizona · A13

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Tucson, Arizona
Issue Date:
Saturday, October 17, 2020
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A13
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Saturday, OctOber 17, 2020 | PaGe a13 editor: Hipolito r. corella | business@tucson.com Business MARKET ROUNDUP Stocks took a late stumble on Wall Street, erasing an early gain and leaving major indexes mixed on Friday. The S&P 500 closed up just a fraction of a point but still managed to post a modest gain for the week. The Dow Jones Industrial Average notched a modest gain, while the Nasdaq composite fell. Small-company stocks also ended lower. Big Tech and energy companies fell while health care and industrial stocks rose. By Ryan Randazzo THE ARIZONA REPUBLIC After four years of discus- sion, debate, workshops and failed attempts, Arizona’s energy regulators gave initial approval Wednesday to a new requirement for electric utilities to boost their energy-efficiency programs. Members of the Arizona Cor- poration Commission voted 4-1 to increase the efficiency stan- dard that was first approved in 2010. They also appeared to make progress toward requiring further reductions of carbon emissions from power plants, though did not vote on that. Under the action taken Wednesday, utilities would have to implement enough energy-ef- ficiency measures by 2030 to equal 35% of their 2020 peak de- mand. The new rule also includes interim requirements to ensure utilities are working towards that annually. The current standard requires them to use efficiency measures to meet 22% of their energy demand by this year. Efficiency is widely regard- ed as the cheapest way to meet electricity demand because it is usually less costly to help cus- tomers save electricity with things like programmable thermostats, low-power lightbulbs and attic insulation than it is to build power plants to supply that power. The proposal approved Wednesday was a merger of mul- tiple ideas from commission- ers and supported by SWEEP, the Southwest Energy Efficien- cy Project, Wildfire and Arizona PIRG Education Fund. “In 2010, the commission with bipartisan support approved an energy-efficiency standard that saved customers millions of dol- lars,” said Ellen Zuckerman, utility program director for SWEEP, after the vote. “And today with bipar- tisan support again they doubled down on that legacy and Arizo- nans will save even more as a re- sult.” Votes in favor of the change came from Chairman Robert Burns and Commissioners Sandra Kennedy, Lea Márquez Peterson and Boyd Dunn, while Justin Ol- son opposed the measure. Olson tried unsuccessfully to pass a requirement that ener- gy-efficiency programs pass a cost-benefit test called a “rate- payer impact measure” that has been widely condemned by ener- gy-efficiency advocates because few programs pass it. He was out- voted 4-1. Utilities will have to boost energy-efficiency programs By Kelli Kennedy THE ASSOCIATED PRESS FORT LAUDERDALE, Fla. — First there was taco night, then barbecue sand- wiches, followed by meats by the pound — all splashy marketing events to gener- ate buzz leading up to Proof BBQ’s grand opening in the Cleveland suburbs. And then came coronavirus. Michael Griffin already had success with a popular pizza joint in the area and was following it up with Proof BBQ, which was slat- ed to open in March, just as most restaurants and much of the nation were shutting down amid the pandemic. “You’re going, going, going 100 miles an hour. You’re testing out sauces and you’re testing out the meat,” Griffin said. “We just lost all that buzz we had from that February-March push.” The odds of success with a new business are always precarious — few expect to turn a profit in the first year or two. Add the challeng- es of a devastated economy and constantly changing rules for operating in a pan- demic, and survival is even tougher. Across the U.S., it’s estimated that hundreds of thousands of small busi- nesses have closed. Despite that, some new businesses like Griffin’s are Some businesses opening, expanding despite pandemic By Martin Crutsinger THE ASSOCIATED PRESS WASHINGTON — The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the pre- vious record, as the coro- navirus pandemic shrank revenues and sent spend- ing soaring. The Trump administra- tion reported Friday that the deficit for the budget year that ended on Sept. 30 was three times the size of last year’s deficit of $984 billion. It was also $2 tril- lion higher than the ad- ministration had estimat- ed in February, before the pandemic hit. It was the government’s largest annual shortfall in dollar terms, surpassing the previous record of $1.4 trillion set in 2009. At that time, the Obama adminis- tration was spending heav- ily to shore up the nation’s banking system and limit the economic damage from the 2008 financial crisis. The 2020 deficit, in terms of its relationship to the economy, represented 15.2% of total gross do- mestic product, the sum of all the goods and services produced by the country. That was the highest level since 1945, when the U.S. was borrowing heavily to finance World War II. The administration’s fi- nal accounting of the 2020 budget year shows that rev- enues fell by 1.2% to $3.42 US posts record $3.1 trillion deficit in’20 budget year ARIZONA DAILY STAR It’s official: Eegee’s is expanding to the Phoe- nix-area with five locations slated to open in 2021. The Tucson-based fast- food favorite is bringing ranch fries, its frozen fruit drinks and grinders to Phoenix, Mesa, Scottsdale and Gilbert, with two loca- tions planned for Gilbert. “We look forward to be- comingapartofthePhoenix metroplex, through job cre- ation at our five new restau- rants, charitable giving, and of course, our trademark frozen eegees,” said CEO Ron Petty in a news release on Friday, Oct. 16. There are more than two dozen Eegee’s locations in the Tucson-area, with seven more restaurants planned for 2021. Since its founding in 1971, Eegee’s has donated more than $3 million to area charities through various corporate giving initiatives. For the latest on the Phoenix openings, go to eegees.com/phx. See ACC, A14 PHOTOS BY CHRIS O’MEARA / THE ASSOCIATED PRESS A balcony at the Hotel Haya overlooks Ybor Square in Tampa, Florida. When the pandemic hit, the Aparium group was deep into construction on six new hotels, too far to turn back, yet keenly aware that timelines would be significantly derailed. The Hotel Haya in Tampa opened in September. Seeing room occupancy and dining projec- tions plummet, it hired less than half the staff it originally anticipated. See EXPANDING, A14 Eegee’s ready to make its mark on Phoenix with five locations COURTESY OF EEGEE’S Eegee’s plans to open five locations in Phoenix in 2021. See BUDGET, A14 2,700 3,000 3,300 3,600 A OM J J A S 3,320 3,440 3,560 S&P 500 Close: 3,483.81 Change: 0.47 (flat) 10 DAYS s DOW30 28,842.90 28,570.72 +112.11 28,606.31 t NASDAQ 11,827.42 11,648.53 -42.31 11,671.55 s S&P 500 3,515.76 3,480.45 +0.47 3,483.81 t Russell 2000 1,646.25 1,633.80 -5.07 1,633.81 HIGH LOW CHANGE CLOSE AT&T Inc T 27.33 -.12 -0.4 -30.1 7.6 29289 AccelrDiag AXDX 11.62 -.08 -0.7 -31.2 ... 183 AmAirlines AAL 12.46 +.23 +1.9 -56.6 3.2 32605 Apple Inc s AAPL 119.02 -1.69 -1.4 +62.1 ... 114937 AudioEye AEYE 17.79 -.27 -1.5 +279.3 ... 73 BkofAm BAC 24.24 +.09 +0.4 -31.2 3.0 58239 BerkH B BRK/B 211.91 +.26 +0.1 -6.4 ... 3630 Caterpillar CAT 168.75 +3.71 +2.2 +14.3 2.4 5562 Chevron CVX 72.89 -.62 -0.8 -39.5 7.1 9305 Citigroup C 43.19 -.42 -1.0 -45.9 4.7 25995 CocaCola KO 50.03 +.04 +0.1 -9.6 3.3 13569 Costco COST 381.54 +4.96 +1.3 +29.8 .7 2458 DeltaAir DAL 31.47 +.13 +0.4 -46.2 ... 11123 DukeEngy DUK 92.37 +.41 +0.4 +1.3 4.2 2811 ExxonMbl XOM 34.10 -.35 -1.0 -51.1 10.2 22616 Fortis FTS 41.39 +.21 +0.5 -0.3 4.6 244 FrptMcM FCX 17.15 -.06 -0.3 +30.7 ... 10978 GenDynam GD 142.24 +1.43 +1.0 -19.3 3.1 2653 GenElec GE 7.29 +.42 +6.1 -34.7 .5 168932 GraniteC GVA 19.67 +.40 +2.1 -28.9 2.6 307 HTG Mol h HTGM .33 +.01 +1.6 -53.6 ... 725 HomeDp HD 287.66 +.12 ... +31.7 2.1 3109 HonwllIntl HON 174.86 +2.25 +1.3 -1.2 2.1 3627 HudBayM g HBM 4.59 +.02 +0.4 +10.6 ... 680 Intel INTC 54.16 +.31 +0.6 -9.5 2.4 23406 IBM IBM 125.93 +1.04 +0.8 -6.1 5.3 4709 Intuit INTU 341.15 -.82 -0.2 +30.2 .6 790 JPMorgCh JPM 101.51 -.21 -0.2 -27.2 3.2 13272 JohnJn JNJ 148.10 +.91 +0.6 +1.5 2.7 6096 Kroger KR 34.07 +.09 +0.3 +17.5 2.1 4953 Loews L 35.74 +.10 +0.3 -31.9 .7 357 Lowes LOW 177.70 +1.55 +0.9 +48.4 1.2 3879 LumenTch LUMN 9.86 -.07 -0.7 -25.4 10.1 5226 MetLife MET 39.28 +.15 +0.4 -22.9 4.7 4689 Microsoft MSFT 219.66 ... ... +39.3 1.0 26013 NorthropG NOC 316.24 +1.42 +0.5 -8.1 1.8 1394 PG&E Cp PCG 10.53 +.02 +0.2 -3.1 ... 11997 PepsiCo PEP 141.73 +.30 +0.2 +3.7 2.9 5076 RaythTch RTX 61.75 +1.26 +2.1 -34.5 4.8 8281 SwtGas SWX 66.84 +.51 +0.8 -12.0 3.4 140 Target TGT 164.92 -.54 -0.3 +28.6 1.6 4999 TexInst TXN 153.12 +.57 +0.4 +19.4 2.4 4597 UnionPac UNP 209.85 +1.04 +0.5 +16.1 1.8 3329 UtdAirlHl UAL 34.16 -.09 -0.3 -61.2 ... 16177 UPS B UPS 174.44 +.40 +0.2 +49.0 2.3 3444 WalMart WMT 144.71 +.18 +0.1 +21.8 1.5 5642 WalgBoots WBA 37.41 -.23 -0.6 -36.6 5.0 8561 WsteMInc WM 115.87 +.60 +0.5 +1.7 1.9 1910 WellsFargo WFC 22.86 -.09 -0.4 -57.5 1.7 43035 YumBrnds YUM 98.53 -.96 -1.0 -2.2 1.9 2282 LOCALAND WIDELY HELD STOCKS YTD VOL NAME TICKER CLOSE CHG %CHG %CHG YLD (Thous) YTD VOL NAME TICKER CLOSE CHG %CHG %CHG YLD (Thous) FOREIGN EXCHANGE Foreign currency in $US $US in foreign currency Country Today 6mo ago Today 6mo ago Britain Pound 1.2931 1.2457 .7733 .8027 Canada Dollar .7586 .7085 1.3182 1.4114 Euro Euro 1.1719 1.0845 .8533 .9221 Mexico Peso .047395 .041339 21.0995 24.1905 COMMODITIES Close Previous %change % YTD Crude oil (bbl) 40.88 40.96 -0.20 -33.1 Copper (lb) 3.07 3.08 -0.58 +9.7 Gold (oz) 1900.80 1903.20 -0.13 +25.1 Silver (oz) 24.37 24.19 +0.73 +36.7 (Previous and change figures reflect current contract.)

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