It is Veterans Day! Stock markets are open and the bond markets are closed. Thank you to all who have served our nation.
Portland-based Erickson Aircrane has filed for bankruptcy protection. Erickson is filing a plan of reorganization with support of its major creditors. The company will continue normal operations as it undergoes the relief process. Erickson employs 1,000 persons. (Reuters)
Macy’s is selling off more of its valuable real estate holdings. The retailer has sold its downtown Portland store for $54 million, and will net Macy’s about $36 million. The store will close next spring. The historic building has housed Meier & Frank and later Macy’s since 1909. Macy’s bought Meier & Frank in 2005. They will also close the Salem store in Lancaster Mall early next year. They plan to redevelop 50 other stores. It is not clear if any other Oregon stores are included in this group. (Reuters)
Nordstrom reported a quarterly loss of $10 million, after reporting a profit last year. They had $3.54 billion in sales. (AP)
Join us this weekend for Financial Focus Radio when we will talk about what President Trump will mean to your wealth building efforts.
S&P 500 is down 4 and the NASDAQ is down 35. MSCI International Index is flat.
Oil is down 57 cents at $44.09 a barrel.
Gold is down $6 at $1259 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.