Oregon is losing another publicly held company from the State. Electro Scientific Industries, has sold to MKS Instruments of Massachusetts for $1 billion in cash. The $30-a-share price is a little more than double ESI’s closing stock price Monday. ESI employees about 220 personal in Oregon. ESI reported sales in its fiscal second quarter were $85.9 million, up from $71.0 million a year ago. (PBJ)
ADP report hints to strong payrolls gain. U.S. jobs grew 227,000 last month, the strongest increase since February. (LPL)
Labor costs increase. The Employment Cost Index (ECI) grew 0.8% in the third quarter. Year-over-year, the ECI rose 2.8% through last quarter, its largest increase of the cycle. Wages represent up to 70% of business costs. (LPL)
China manufacturing hits two-year low. China’s official manufacturing Purchasing Managers’ Index, is hovering just above the 50.0 threshold dividing economic expansion and contraction. New export orders fell for a fifth straight month due to tariffs implemented earlier this year. The continued slowdown comes despite government efforts to shore up growth, buoy sentiment, and boost liquidity. (LPL)
The S&P 500 is up 9 and the NASDAQ is up 20. MSCI International index is higher.
Oil is down 31 cents at $65.00 a barrel.
Gold is up $14 at $1229 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.