MONEY&MARKETS EXTRA National Averages, Friday: Money Market Account 0.31% t 6-MO T-BILL 1.12% (-.01) Money Matters 1-year CD 0.74% s 1-YR T-BILL 1.23% (+.02) 5-year CD 1.43% 60-month new car loan 3.32% t 2-YR T-NOTE 1.36% (-.04) t 5-YR T-NOTE 1.86% (-.10) $30K home equity loan 5.24% t 10-YR T-NOTE 2.33% (-.06) 30-year fixed mortgage 3.83% t 30-YR T-BOND 2.92% (-.01) Trying to keep brain sharp doesn’t have to be costly intermediate stage between normal brain slowing and dementia. People with this impairment are about 10 times more likely than others to develop dementia, said Geda. He and colleagues tested nearly 2,000 people aged 70 and older with healthy brains for about four years. Those who participated in mentally stimulating activities at least once or twice a week were less likely to develop mild cognitive impairment, the researchers found. They reported regular computer use cut the risk 30 percent, reducing the lifetime risk to about 10 percent. Other activities that also seemed to help: By Linda A. Johnson AP Medical Writer While there’s nothing you can do or take to ensure you won’t get Alzheimer’s disease, experts say there are some strategies that might help keep your brain sharp. And you don’t need to dole out a lot of money to do it. “Does one have to spend their life savings on computer games? I don’t think so,” said Dr. Yonas Geda, a psychiatrist at the Mayo Clinic in Scottsdale, Arizona, who’s looked at some alternatives. Research on the issue isn’t conclusive, but there are hints that getting more exercise and stimulating your mind with games, computer use and other activities can help keep the brain nimble. It’s also possible reducing high blood pressure will lower chances of dementia by improving blood flow to the brain and preventing a stroke or heart attack. At worst, those steps should improve your mood and overall health. Those are the key findings of a June report from the National Academies of Sciences, Engineering and Medicine. Dr. Kenneth Langa, a dementia expert at the University of Michigan who worked on the report, said seniors need to stay fit and challenge their mind with new ideas and complex activities such as learning to play a musical instrument and going out with friends. “I’ve been recommending these kinds of things to my patients for several years. They should walk, talk and read,” Langa said. He helps run a National Institute of Aging study that’s been following 20,000 American adults aged 51 and older since 1992. It’s found the rate of newly diagnosed dementia cases has declined by more than 25 percent over that period. Langa credits the drop to • Crafts such as sewing, knitting and pottery • Social activities like going to theaters • Playing card or board games • Doing crosswords or other puzzles • Reading books higher levels of education, which produces more connections among brain cells, but says other factors are involved. More than 5 million Americans have Alzheimer’s, the most common form of dementia. Langa said the lifetime risk of developing Alzheimer’s is about 15 percent, meaning 15 of every 100 people end up with it. The Alzheimer's Association has done its own evidence review and list tips for keeping brains healthy on its site: bit.ly/2mpGq3U. The Week In Review TESLA EXPANDING SERVICE Electric car maker Tesla is expanding its service operations and hiring more than 1,000 technicians to meet expected demand for its new Model 3 sedan. The Model 3, cheaper than Tesla’s existing cars, goes on sale this month and is expected to attract hundreds of thousands of new customers to the brand. Tesla will add 100 new helped drive the uninsured rate to historic lows as some 20 million people gained coverage. The Congressional Budget Office has estimated that at least 22 million more people would become uninsured under proposed Republican legislation. The most recent government report found that progress reducing the number of uninsured stalled in 2016, after five consecutive years of coverage gains under Obama. Peering at this year, Gallup-Sharecare found an erosion of progress, with the number of uninsured edging up again. It estimated nearly 2 million dropped out of coverage. service centers worldwide over the next year, bringing its total number to 250. The new centers will be in areas that have the most reservation-holders for the Model 3. Tesla also is adding 350 vans to its mobile service fleet, mostly in the U.S. The vans go to owners’ homes or offices and repair their cars. Tesla will also hire 1,400 new service technicians this year to staff the centers and repair vans. At a starting price of $35,000, the Model 3 is about half the cost of Tesla’s two other models. It has said it expects to make 500,000 vehicles in 2018, up from 84,000 last year. YELLEN UPDATE ON ECONOMY Federal Reserve Chair Janet Yellen told Congress on Wednesday that the central bank expects to keep raising a key interest rate at a gradual pace and also plans to start trimming its massive bond holdings this year. In her semiannual testimony on the economy, Yellen took note of a number of encouraging factors, including strong job gains and rising household wealth that she said should fuel economic growth over the next two years. She blamed a recent slowdown in inflation on temporary factors. But she says Fed officials are watching developments closely to make sure that annual price gains move back toward the Fed’s 2 percent target. Many economists believe the Fed, which has raised rates three times since December, will hike rates one more time this year. In her prepared testimony before the House Financial Services Committee, Yellen repeated the message she has been sending all year: the economy has improved enough that it no longer needs the extraordinary support the central bank began providing in 2008 in the wake of a severe financial crisis and the deepest recession since the 1930s. She noted that since the depths of the recession, unemployment is now down to 4.4 percent, near a 16-year low. AP Follow AP Medical Writer Linda A. Johnson on Twitter at twitter.com/LindaJ_onPharma AP Student loans forgiven HEALTH OVERHAUL The number of U.S. adults without health insurance has grown by some 2 million this year, according to a major new survey that finds recent coverage gains have begun to erode. The Gallup-Sharecare Well-Being Index found that the uninsured rate among U.S. adults was 11.7 percent in the second three months of this year, compared with a record low of 10.9 percent at the end of last year. Though small, the change was statistically significant, survey analysts noted. While the Affordable Care Act remains politically divisive, it “Probably the worst thing you can do is become a couch potato and sit around the house all day,” said Keith N. Fargo, director of scientific programs and outreach for the patient advocacy group. A January report from an ongoing Mayo Clinic Study of Aging found that among several types of mental stimulation reviewed, regular computer use such as web surfing and sending email most sharply reduced the rate of “mild cognitive impairment.” That’s an “These things cost nothing and clearly point in the direction of decreased risk,” said Geda, who started the Mayo study partly because he’d seen so many ads hawking expensive brain-training games and wanted to see how free alternatives fared. Last year, the Federal Trade Commission announced a $2 million settlement with the maker of Lumosity for deceptive ads suggesting that playing its games a few times weekly could boost performance at work and delay dementia. Want your student loans forgiven? Avoid these mistakes Having college debt disappear is something many student loan holders can only dream of. But it’s possible for some of the 44 million people in the U.S. with education loans. Through the Public Service Loan Forgiveness Program, people with federal student loans can get their loans erased tax-free if they first make loan payments for 10 years while working for the government or a nonprofit. That’s the gist of it, at least. The program rules are more nuanced. Unaware of the complexities, many loan holders inadvertently make decisions that render them ineligible. Only a few hundred people are on track to get forgiveness this fall — the soonest borrowers can receive forgiveness through the program — according to data the U.S. Department of Education presented to financial aid professionals last year. Borrowers can look out for these missteps to ensure they stay on track for loan forgiveness. Having the wrong type of loans Borrowers’ loans must be in the federal Direct Loan Program to qualify, which is not the case for nearly 19 million people, or 44 percent of federal student loan borrowers, who have loans in other federal programs, according to 2017 Department of Education data. 1 2 Misunderstanding ‘qualifying payments’ To be eligible, borrowers must work full time while making 120 qualifying monthly payments, meaning the payments were made after Oct. 1, 2007, and other requirements. Only one qualifying payment counts per month, which means paying extra each billing cycle won't help borrowers achieve forgiveness faster. 3 Working for the wrong type of employer Federal direct loan holders who work full time for the government, a 501(c)(3) nonprofit or an organization providing a qualifying public service may be eligible for PSLF, regardless of their job title. For instance, a full-time janitor at a public school could qualify. Falling for fraudulent promises of forgiveness Dozens of companies use false claims to con borrowers, a NerdWallet investigation found. They promise to reduce or eliminate loans and charge high fees to enroll people in free federal programs. Beware of companies that collect high upfront fees or charge recurring monthly amounts, two signs that an offer is likely too good to be true. 4 The future of public service loan forgiveness Education Secretary Betsy DeVos has proposed cutting PSLF, which started in 2007 during the Bush administration. Critics of the program argue it’s too expensive and disproportionately benefits graduate and professional school students, many of whom have six-figure debt loads. 5 This article was provided to The Associated Press by the personal finance website NerdWallet. Small Business Monitor AP Wireless&Cashless By Joyce M. Rosenberg By Michael Liedtke Outsource or not? Entrepreneurs are famous handle a small company’s for trying to do it all books for a moderate cost. themselves — product A tech-savvy student or development, sales, website design startup marketing, keeping might be interested in company financial records working for reduced fees as and tending to information they build their portfolios. technology needs. Some Owners should start their owners have search for help trouble by asking delegating, other business while others owners for are focused recommendaon cutting tions, or they costs. can call In either college case, owners placement should ask if offices. it would make In deciding more sense which tasks to Some owners have to outsource do themselves trouble delegating some of the and which to administrawhile others focus on delegate, tive work — owners should cutting costs. is their time be honest better spent about what on tasks like accounting and they’re most competent at setting up websites, or on and what they’re likely to the goods and services get bogged down in while they’re trying to sell? trying to learn. If a task is Outsourcing doesn’t have taking too much time away to break the bank. A from the key parts of bookkeeper or an accountbuilding the company, ing student at a local outsourcing may be the college may be willing to wisest choice. AP Dialing For Dollars AutoLotto helps Powerball players pursue their financial fantasies. The free iPhone or Android app lets you buy Powerball’s $2 lottery tickets without having to wait in any lines at a store. But you have to be in New Hampshire. That’s the only state so far where AutoLotto has struck a deal with government regulators. By the end of the year, though, AutoLotto plans to expand to 10 to 15 more states. Eventually, AutoLotto wants to hit all 44 Powerball states and expand to the Mega Millions lottery, too. AutoLotto acts as an intermediary that buys and holds the tickets for you. It will automatically redeem the winnings for you, offering an immediate payout or the option to keep the money in the app to buy more Powerball tickets in future drawings. For now, Powerball players outside of New Hampshire are limited to taking pictures of the tickets they buy at newsstands and other retailers. The app will automatically notify users if a ticket matched any of the winning numbers. Players still must hold onto their scanned paper tickets to redeem their winnings. AutoLotto doesn’t tack on any fees, and it limits bets to 10 tickets per Powerball drawing to reduce the chances of players spending more than they can afford. AP MONEY&MARKETS EXTRA OfMutual Interest Fund manager Q&A: How much more will interest rates climb? Everywhere bond-fund investors look, reasons market is indeed going through a change. But he to fear seem to be lurking. cautions investors not to get carried away. After decades of dropping interest rates led Demand for bonds has remained strong this year, to strong and steady returns for bond funds, and $170 billion flowed into bond funds through the first conditions seem to be massing in the opposite five months of this year, nearly double last year’s pace direction. The Federal Reserve raised at the same point, according to the Investment short-term rates last month, the third time it’s Company Institute. That deep hunger for income, a done so since December. It’s also planning to result of an aging population looking to retire, should pare the vast trove of bonds it built up to keep help keep the upturn for rates moderate, Rieder says. rates low following the financial crisis. Answers have been edited for length and clarity. Rick Rieder Even words from way across the Atlantic Chief investment officer are rattling the U.S. bond market. The Many voices are calling this a big inflection point for of global fixed income European Central Bank said a couple weeks the bond market. How momentous is this right now? BlackRock ago that it could trim stimulus efforts if that I would agree that things are changing, but I don’t think region’s economy keeps strengthening. That they’re momentous. Rates are going to move moderatecould send European rates higher, luring money back into ly higher. There’s a demand for income in the world driven by European bonds and out of Treasurys. demographics that’s generationally historic, and whenever rates Anticipating such a shift, investors pushed Treasury prices back up, you see this tremendous buying come in (which in turn lower over the past two weeks, helping to send the yield on the lessens the upward pressure on rates). 10-year T-note up to 2.35 percent from 2.13 percent. The only thing that’s different than historically is the Rick Rieder, chief investment officer of global fixed income at interest-rate sensitivity of the market is higher. Small moves in BlackRock, which manages $1.6 trillion in bonds, says the bond rates can lead to decent-sized moves in price. By Stan Choe So many factors seem to be pushing the U.S. bond market, not just the Fed raising rates. Long-end interest rates are influenced more by the European Central Bank and the Bank of Japan than the Fed, ironically. When Europe takes some of the pressure off interest rates, it’s so dramatically large, it allows the long end of our interest rates to move out. What about the Fed paring back its bond portfolio? Will that have a bigger effect on the market than any rate increases? They’re starting very, very slowly. The reduction of the balance sheet, this year, is a smaller influence than a rate move. They’re talking about $10 billion a month, which relative to the size of fixed income markets is tiny. But in the next two years, the pace is increasing at the same time that the federal borrowing level is changing. Supply and demand (for Treasurys) come much more in balance, which means rates can move higher. How much higher? We think 2.50 percent to 2.75 percent for the 10-year Treasury this year. You can move to 3.25 percent next year. AP StocksRecap Gains by big technology and health care companies pushed U.S. stocks higher Friday, lifting several indexes to new highs. The Standard & Poor’s 500 index, Dow Jones industrial average and Russell 2000 index of smaller-company stocks each posted a third straight day of gains. JPMorgan Chase JPM Close: $92.25 -0.85 or -0.9% The nation’s largest bank by assets had a solid second quarter, but expects weaker net interest income. 2,500 2.25 -1.90 17.72 4.58 11.44 MON TUES WED THUR FRI 2,450 21,500 2,400 21,000 2,350 20,500 2,300 20,000 S&P 500 2,250 2,200 J Close: 2,459.27 1-week change: 34.09 (1.4%) F M $95 52-WEEK HIGH LOW 85 80 A M W E E K L Y 90 A $63.38 M J 52-week range J $94.51 Vol.: 22.1m (1.5x avg.) PE: 14.2 Mkt. Cap: $327.75 b Yield: 2.2% American Tower AMT Close: $136.04 1.90 or 1.4% High-dividend companies like real estate investment trusts moved higher as bond yields decreased. 22,000 INDEX J J -5.82 0.55 123.07 20.95 84.65 MON TUES WED THUR FRI $1,000 Derby Dow Jones industrials 19,500 19,000 J F Close: 21,637.74 1-week change: 223.40 (1.0%) M A M J J HIGH LOW C LOSE 1 YR %CHG. 120 A $99.72 M J 52-week range Vol.: 1.2m (0.6x avg.) Mkt. Cap: $57.82 b J $137.12 PE: 65.7 Yield: 1.9% 21681.53 17883.56 Dow Jones indust. 21681.53 21279.30 21637.74 223.40 1.0 9.5 %# 999743 16.9 9763.66 7622.92 Dow Jones trans. 9763.66 9555.97 9742.76 47.82 0.5 7.7 %# 9999743 22.0 738.82 616.19 Dow Jones utilities 710.77 697.88 707.35 5.31 0.8 7.2 53 -0.4 11918.17 10281.48 NYSE Comp. 11918.17 11684.75 11897.32 144.32 1.2 7.6 %# 994 10.4 6341.70 4976.54 Nasdaq Comp. 6321.76 6141.83 6312.47 159.39 2.6 17.3 %# 99998765421 25.5 2463.54 2084.59 S&P 500 2463.54 2412.79 2459.27 34.09 1.4 9.9 %# 998652 13.8 1771.05 1475.38 S&P MidCap 1771.00 1733.56 1765.32 17.96 1.0 6.3 %# 99875 14.4 25615.08 21583.94 Wilshire 5000 25615.08 25088.64 25569.93 350.76 1.4 9.2 %# 998732 14.2 1433.78 1156.08 Russell 2000 1432.96 1402.62 1428.82 12.99 0.9 5.3 %# 99985431 18.5 CyberArk Software CYBR Close: $42.68 -8.32 or -16.3% The security software company lowered its forecasts for the second quarter. $60 50 40 A $41.32 M J 52-week range Vol.: 12.0m (13.9x avg.) Mkt. Cap: $1.46 b J $59.28 PE: ... Yield: ... Zillow Group Z Close: $46.52 1.60 or 3.6% The Seattle Times reported that Amazon.com doesn’t plan to launch a real estate service that would compete with Zillow. $60 Buffett gets spark from utilities Warren Buffett’s conglomerate may be best-known for its insurance companies and the Oracle of Omaha’s own investments, but utilities have played a growing role in Berkshire Hathaway’s success over the last 17 years. Berkshire Hathaway’s profits from power generation and distribution will grow even further if it wins its $9 billion bid to buy Texas power transmitter Oncor Electric Delivery Co. That deal, announced last week, must first be approved by regulators and a bankruptcy court. Berkshire got into the utility business in 2000 when it bought MidAmerican Energy, $2.5 Powerful profits: 50 Berkshire’s 2008 returns were boosted by its failed attempt to buy Constellation Energy because it collected a sizeable breakup fee. 40 30 A $31.22 M J 52-week range Vol.: 3.2m (2.0x avg.) Mkt. Cap: $5.72 b J $51.23 PE: ... Yield: ... Goldcorp GG Close: $13.02 0.13 or 1.0% Gold miners rose with the prices of precious metals on Friday. earning $109 million from the utility that year. Today Berkshire owns PacifiCorp, Northern Natural Gas and NV Energy in the U.S., AltaLink in Canada, a large portfolio of wind and solar power projects and several other utility firms. The utilities’ returns might not be spectacular because the amount they charge is tightly regulated, but they generate reliable profits even under terrible economic conditions. Last year, Berkshire’s utilities generated $2.29 billion in profit for the Omaha, Nebraska based company. That represented more than 9 percent of Berkshire’s $24.1 billion net income in 2016. Berkshire Hathaway utility profits (in billions) 2.0 1.5 1.0 0.5 0 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 Source: Berkshire Hathaway annual reports $16 Josh Funk; Alex Nieves • AP 14 12 A $11.91 M J 52-week range Vol.: 7.0m (1.0x avg.) Mkt. Cap: $11.26 b J Chesapeake Energy CHK Close: $4.87 0.09 or 1.9% Energy companies advanced with the price of oil. $6 5 4 A $4.30 M J 52-week range Vol.: 22.0m (0.6x avg.) Mkt. Cap: $4.42 b J $8.20 PE: ... Yield: ... SOURCE: Sungard InsiderQ&A Last insurer standing Daniel Hilferty Industry Spotlight $19.42 PE: 44.9 Yield: 0.6% CEO Independence Health Group AP Banks slip on weaker forecast Banks reported solid second-quarter earnings Friday, but their stocks slipped after JPMorgan Chase cut a profit forecast for the year. JPMorgan, Citigroup and Wells Fargo all announced larger profits than analysts expected, and all three banks said they made more money from interest as rising rates let them charge more on loans. The Federal Reserve has raised interest rates three times since December. But JPMorgan, the largest U.S. bank in terms of assets, lowered its annual estimate for net interest income, saying it doesn’t expect to make as much as it previously did. JPMorgan Chase stock lost 0.9 percent while Wells Fargo declined 1.1 percent and Citigroup fell 0.5 percent. Big banks have made large gains since Donald Trump was elected president in November, as investors bet on rising interest rates, faster economic growth and looser regulation. JPMorgan (JPM) Friday’s close: $92.25 52-WEEK RANGE $63 $95 Citigroup (CIT) Friday’s close: $48.68 52-WEEK RANGE $33 $50 Wells Fargo (WFC) Friday’s close: $54.99 52-WEEK RANGE $44 $60 AP *annualized Daniel Hilferty harbors more than a few worries as head of the lone insurer on the Affordable Care Act’s insurance exchange in Philadelphia. The Independence Health Group CEO frets about whether his plans can attract enough healthy people to balance the claims the insurer pays for the sick. Hilferty also is concerned about whether government cost-sharing reduction payments that help defray expenses for many exchange customers will return. Independence provides Blue Cross coverage through the exchange to about 140,000 people in southeastern Pennsylvania. Despite concerns, Independence is one of many insurers around the country that have made tentative plans to return next year to the exchanges, the only marketplace where people can get income-based tax credits to buy coverage. Insurers still have several more weeks to finalize their plans. They could still back out, depending in part on how the Congressional debate over the Obama-era health care law unfolds. Hilferty spoke recently with The Associated Press. Does the fact that you are the only insurer left on the exchange affect your decision to return? We are very serious about serving the community as a whole, and that includes the individual marketplace even though it’s a small percentage of our overall business. The fact that we are the last plan standing would play a significant role in our ultimate decision. Bonds Commodities 1-week ... today is percent worth change Emerging-market stocks $1,226 Asian stocks Source: FactSet 3.6 % Technology stocks 1,213 4.1 1.7 European stocks 1,184 1,176 1.5 1,166 1.0 1,105 1.6 1,081 0.4 1,062 0.1 Health care stocks $140 130 Stocks $1,000 invested at the end of last year ... P E R F O R M A N C E YTD CHG. %CHG. %CHG. Technology stocks and emerging markets surged last week, and Asian and European stocks also did well. Gold slipped, but crude oil prices rose. S&P 500 Utilities stocks Copper Small-cap stocks Gold High-yield bonds Investment-grade bonds REITs Oil $0 $600 1,058 1.8 1,057 -0.5 1,051 0.2 1,022 0.2 1,016 0.9 858 1.2 $1,200 Performance benchmarks: industries - sectors of the Standard & Poor’s 500 index; international stocks - MSCI indexes; bond returns - Barclays Capital and BofA Merrill Lynch indexes. Source: FactSet Data through July 13 AP Industry Rankings INDUSTRY PERCENT CHANGE 1WK 1MO 1QTR 1. Technology 2. Basic Material 3. Health Care 4. Financials DJ Total Market index 5. Industrials 6. Consumer Services 7. Consumer Goods 8. Oil & Gas 9. Utilities 10. Telecommunications 3.8 2.5 0.9 0.1 1.4 1.4 1.0 0.7 2.4 0.7 -0.8 3.7 3.1 3.0 1.5 1.1 1.0 -0.4 -1.0 -1.1 -4.2 -6.6 10.1 6.1 8.3 6.6 5.5 8.6 3.4 3.1 -6.1 0.6 -9.6 %RTN 1YR (*^%@ 9997543 33.1 (*^%@ 976541 14.5 (*^%@ 876541 9.6 (*^%@ 99741 22.5 (*^%@ 976432 14.1 (*^%@ 98654321 17.2 (*^%@ 9532 10.7 (*^%@ 75431 3.6 *&^#87431 -7.9 (*^%@ 2 0.1 98652 -16.7 Technology sectors (best performers) Software 3.6 4.8 12.0 Synchronoss Tech SNCR -1.7 +50.0 -31.2 Nutanix Inc NTNX +15.7 +25.2 +28.5 Datawatch Corp DWCH +2.1 +20.0 +34.3 (*^%! 8764321 29.9 98651 -54.2 (*^%! 0.0 (*^%! 9965 +70.0 Computer Hardware 3.7 Quntum Corp QTM +3.4 Mercury Systems MRCY +2.0 NetApp Inc NTAP +12.9 (*^%! 981 48.2 (*^%! 9996 +127.7 (*^%! 9974321 +73.9 (*^%! 995 +66.0 4.7 +16.7 +15.8 +14.9 5.1 +27.1 +16.2 +10.5 Internet 4.7 3.8 15.4 Yandex NV YNDX +20.5 +23.7 +39.0 Internap Corp INAP +5.2 +21.0 +17.5 Twitter Inc TWTR +9.0 +17.8 +37.3 (*^%! 95 34.1 (*^%! 976 +44.0 (*^%! 99321 +64.9 (*^%! 7321 +8.9 Semiconductors 4.7 3.1 Everspin Technologie MRAM +7.5 +26.6 Power Integrations POWI +6.0 +23.3 MagnaChip Semicond MX +11.1 +22.2 (*^%! 96431 37.7 (*^%! 0.0 (*^%! 985321 +50.9 (*^%! 998751 +90.2 13.5 +181.6 +25.2 +31.0 Electronic Office Equipment Pitney Bowes PBI 3.5 +3.5 1.5 +1.5 19.9 +19.9 (^@84321 -17.9 (&#@!7642 -13.3 Computer Services Vectrus Inc VEC ServiceNow Inc NOW Veeva Systems Inc VEEV 1.5 +5.6 +3.8 +3.0 1.4 +10.3 +9.1 +7.7 0.2 +51.5 +30.4 +26.8 (*^%! 74 9.0 (*^%! 75431 +11.7 (*^%! 98753 +58.6 (*^%! 99754 +75.1 Telecomm. Equipment 1.3 TransEnterix Inc TRXC +13.1 Applied Optoelect AAOI +25.1 Gilat Satellite GILT +2.4 0.3 +49.8 +33.9 +32.3 2.0 -31.1 +85.9 +6.8 (*^%! 765432 15.8 &^%!97 -40.0 (*^%! 9996 +573.9 (*^%! 874321 +25.9 Excludes stocks with market values less than $100 million. Bar chart for stocks with annual returns of more than 100 percent not shown to scale. Foreign Exchange 1 US $ in foreign currency: Australian Dollar t 1.2781 (-.0373) Chinese Yuan t 6.7841 (-.0158) Israeli Shekel s 3.5544 (+.0127) Brazilian Real t 3.1844 (-.0898) Euro t .8721 (-.0048) Japaense Yen t 112.56 (-1.43) British Pound t .7640 (-.0123) Hong Kong Dollar t 7.8067 (-.0053) Mexican Peso t 17.5487 (-.5334) Canadian Dollar t 1.2653 (-.0230) Indian Rupee t 64.287 (-.317) Swiss Franc t .9638 (-.0002) Insurers have been hit with significant losses in this market. Why are so many making preliminary plans to come back next year? There are a number of plans ... that have long-term, deep roots in the community that they serve. They would welcome a program, whether it be an improved ACA or a replacement, that is sustainable. They’re hedging their bets to make sure that everyone is aware that if the program is feasible, it would be attractive. You offer a catastrophic health plan for people under age 30 that comes with a $7,150 annual deductible for single coverage. Why would somebody buy insurance that doesn’t cover much until the patient first spends more than $7,000? We just want to make sure for that whatever the small percentage of folks that have a potential catastrophic illness or multiple disease states that we had a product in place that they would have at least that security. But certainly I cannot argue your point, and we’ve heard it from a number of people, when you’ve got a deductible at that level, it’s not frankly a very attractive plan. Are the exchanges sustainable in their present state beyond 2018? I would say that the exchanges, absent the (cost-sharing reduction payments), absent either a mandate or an attractive tax incentive program ... are not sustainable. Interviewed by Tom Murphy. Answers edited for clarity and length. AP MONEY&MARKETS EXTRA MarketPulse CONSUMER-FRIENDLY RULES New federal rules would enable consumers to band together to sue their banks or credit card companies. The Consumer Financial Protection Bureau on Monday banned most types of mandatory arbitration clauses, which require credit card or bank customers to use a mediator when they have a dispute. That often means they give up their right to sue in court. The CFPB’s rules are not a total ban on arbitration clauses, and the change is likely to face pushback from the banking industry and the Republican-controlled Congress, which sees the CFPB as an agency with too much power and too little oversight. EXECUTIVE SHUFFLE Jeweler Tiffany has named a former executive at Italian fashion company Diesel as its new CEO. Alessandro Bogliolo had been lured to Diesel to revitalize sales there. Tiffany’s been run by an interim CEO since Frederic Cumenal stepped down in February. Cumenal held the top job for two years and left amid concerns about the jewelry company’s financial performance. Bogliolo, 52, spent 16 years at Bulgari SpA before taking the job at Diesel. Tiffany is hoping he’ll help turn around the company’s fortunes. It’s wrestled with weak sales as millennials spend money elsewhere and competition intensifies from online players like Amazon and Blue Nile. Richard Cordray, CFPB Director NOT FOR SALE Abercrombie & Fitch has abandoned plans to put itself up for sale. The struggling teen retailer announced its decision on Monday, sending its shares tumbling to a 17-year low. Investors’ hopes that a white knight would rescue the company were sparked in May, when A&F said it was talking with several parties about a potential deal. Abercrombie & Fitch has been grappling with changing shopping trends. It’s closed dozens of underperforming stores, although sales remain strong at its surf-inspired Hollister brand. It’s also working to improve performance at Abercrombie. AP Weekly Stock Winners & Losers 15 BEST LARGE-CAP STOCKS COMPANY TICKER Yandex NV YNDX TAL Education Grp TAL NetApp Inc FRIDAY CLOSE 15 BEST MID-CAP STOCKS $CHG 1WK %CHG 1WK %CHG 1MO %RTN 1YR COMPANY TICKER FRIDAY CLOSE $CHG 1WK 15 BEST SMALL-CAP STOCKS %CHG 1WK %CHG 1MO %RTN 1YR COMPANY TICKER FRIDAY CLOSE $CHG 1WK %CHG 1WK %CHG 1MO %RTN 1YR 31.62 5.37 20.5 23.7 44.0 Halcon Resources HK 6.78 2.58 61.4 53.0 -56.1 Danaos Corp DAC 2.55 0.97 61.3 82.1 -49.3 141.58 17.88 14.5 19.8 131.0 NRG Energy Inc NRG 23.24 7.00 43.1 37.4 40.6 Pioneer Energy Svcs PES 2.50 0.65 35.1 22.0 -46.1 NTAP 43.64 5.00 12.9 14.9 66.0 ClubCorp Holdings MYCC 17.10 4.00 30.5 28.6 18.8 Peregrine Pharma PPHM 5.58 1.34 31.5 42.3 98.7 EnCana Corp ECA 9.45 1.06 12.6 7.5 19.1 Hertz Corp HTZ 15.22 3.54 30.3 62.8 -69.9 Arena Pharmaceuticls ARNA 24.28 5.03 26.1 85.3 53.4 Nvidia Corporation NVDA 164.95 18.19 12.4 8.8 205.4 Applied Optoelect AAOI 84.20 16.90 25.1 33.9 573.9 Navigator Hldgs Ltd NVGS 10.75 2.20 25.7 47.3 3.7 Chemours Co CC 44.76 4.67 11.6 22.0 434.3 Amicus Therapeutics FOLD 12.84 2.40 23.0 36.2 116.2 Nam Tai Property NTP 10.00 2.00 25.0 29.9 88.7 ZTO Express Cayman ZTO 15.94 1.49 10.3 11.3 0.0 Libty Glbl LiLAC C LILAK 26.03 4.27 19.6 29.2 -25.5 Trevena Inc TRVN 2.78 0.52 23.0 13.5 -57.8 Teck Resources Ltd TECK 19.30 1.63 9.2 29.2 34.7 Weatherford Intl Ltd WFT 4.19 0.66 18.7 2.4 0.0 China Rapid Finance XRF 7.15 1.22 20.6 5.3 0.0 Contl Resources CLR 32.75 2.72 9.1 -0.8 -27.9 Libty Glb LiLAC A LILA 26.11 3.81 17.1 28.6 -22.7 Genco Shipping & Tdg GNK 10.91 1.85 20.4 15.9 54.7 Ferrari NV RACE 93.90 7.81 9.1 6.7 122.1 SunPower Corp SPWR 10.12 1.38 15.8 33.7 -33.5 Heron Therapeutics HRTX 15.45 2.60 20.2 9.6 -10.1 Twitter Inc TWTR 19.64 1.62 9.0 17.8 8.9 Nutanix Inc NTNX 22.12 3.00 15.7 25.2 0.0 CryoPort Inc CYRX 5.71 0.92 19.2 22.0 208.5 Agrium Inc AGU 98.55 7.86 8.7 5.0 8.3 Coherent Inc COHR 271.96 35.85 15.2 12.8 180.5 Cytosorbents Corp CTSO 5.15 0.80 18.4 41.1 -12.7 Wstn Digital WDC 94.44 7.50 8.6 8.4 82.3 Bright Scholar Educ BEDU 13.66 1.70 14.2 13.8 0.0 Nthn Dynasty Min NAK 1.49 0.23 18.3 -8.6 208.6 Arcelor Mittal MT 25.03 1.98 8.6 24.4 49.2 MKS Instruments Inc MKSI 79.20 9.55 13.7 8.3 70.2 Pointer Tele Sys PNTR 13.75 2.10 18.0 15.1 140.2 Potash Corp POT 17.70 1.39 8.5 5.5 5.7 HeathCare Svcs Grp HCSG 52.62 6.13 13.2 9.9 35.9 Hawaiian Telcom HCOM 28.73 4.29 17.6 10.5 26.0 10 WORST LARGE-CAP STOCKS 10 WORST MID-CAP STOCKS 10 WORST SMALL-CAP STOCKS Snap Inc A SNAP 15.27 -1.91 -11.1 -12.9 0.0 MSC Industr Dir MSM 73.66 -14.93 -16.9 -13.7 1.4 Shiloh Industries SHLO 8.31 -3.92 -32.1 Ulta Salon Cosmetics ULTA 261.74 -15.23 -5.5 -11.6 2.9 CyberArk Software CYBR 42.68 -6.62 -13.4 -12.1 -3.5 Zion Oil & Gas Inc ZN 3.99 -1.89 -32.1 91.8 178.9 Best Buy Co BBY 55.26 -2.61 -4.5 -0.7 78.0 Theravance Biopharm TBPH 37.11 -5.45 -12.8 0.3 67.0 CRH Medical Corp CRHM 3.80 -1.65 -30.3 -32.1 30.0 Chipotle Mex Grill CMG 395.83 -18.06 -4.4 -12.3 -4.0 CommScope Inc COMM 35.13 -3.02 -7.9 -5.4 12.3 Abercromb Fitch ANF 8.89 -3.27 -26.9 -29.1 -48.7 Grainger WW GWW 171.89 -7.37 -4.1 -4.7 -24.1 Acacia Communicat ACIA 39.00 -3.27 -7.7 -13.5 -16.1 VOXX Intl Corp VOXX 6.40 -2.35 -26.9 -8.6 140.0 Genuine Parts GPC 83.35 -3.51 -4.0 -12.8 -17.2 Eagle Pharmaceutical EGRX 75.73 -6.21 -7.6 3.4 70.2 Barnes & Noble Educ BNED 7.76 -2.47 -24.1 -24.7 -30.0 Auto Data ADP 101.35 -3.79 -3.6 -2.1 9.2 Frontier Comm FTR 14.77 -1.13 -7.1 -29.2 -74.5 Kadmon Holdings KDMN 3.14 -0.66 -17.4 14.6 0.0 Swst Airlines LUV 61.93 -2.31 -3.6 2.7 47.2 Glaukos Corp GKOS 39.78 -3.04 -7.1 -1.9 32.5 Westport Fuel Sys WPRT 1.64 -0.29 -15.0 -16.8 44.8 Dell Technologies DVMT 61.20 -2.25 -3.5 -1.5 0.0 Dicks Sporting Gds DKS 37.12 -2.76 -6.9 -7.2 -21.1 CME Group CME 120.57 -4.26 -3.4 -4.4 29.6 Tesaro Inc TSRO 126.17 -8.62 -6.4 -12.6 52.5 Hovnanian Ent HOV 2.45 -0.43 -14.9 6.1 42.1 Sequential Brands SQBG 3.02 -0.53 -14.9 -19.9 -62.7 Best Funds - One Month U.S. general stock funds %RTN %RTN %RTN 1WK 1MO 1YR RANK %RTN EXP MIN. INIT. 1YR 5YRS* RATIO INVST. 2.7 5.0 26.1 1 16.8 1.13 1000 2.6 7.7 29.6 1 17.6 0.84 100k+ 19.41 1.7 2.2 18.0 1 11.2 0.88 2000 3 9.79 2.8 6.3 12.8 5 1.3 1.95 10000 LB 928 49.04 2.8 5.0 36.0 1 13.6 1.20 2500 WPOPX LO 663 14.85 1.6 2.8 9.8 2 9.7 1.80 100k+ Miller OppI LMNOX MB 483 25.27 2.2 7.8 41.9 1 22.8 1.05 100k+ Lyrical USValEqInstl LYRIX LV 1,002 18.72 2.2 3.4 24.2 1 NA 1.38 100k+ Snow Capital OppA m SNOAX MV 75 26.80 0.9 2.6 21.7 1 11.1 1.54 2500 Oakmark EqAndIncInv OAKBX MA 14,252 32.63 0.9 1.9 15.7 1 9.7 0.78 1000 Bogle Investment Man SmCpGrInstl BOGIX SB 103 31.65 2.7 4.3 19.3 2 15.2 1.25 10000 Fidelity Advisor Freedom2010A m FACFX TA 259 12.52 1.1 0.6 8.5 1 6.4 0.25 2500 Weitz Bal WBALX CA 119 13.94 0.9 1.1 6.8 2 6.7 1.11 2500 Aegis Val AVALX SV 115 16.44 3.2 4.1 6.8 5 7.6 1.50 100k+ PIMCO StksPLUSShrtP PSPLX BM 64 9.19 -1.5 0.0 -9.5 -12.2 0.74 100k+ Fidelity Advisor BiotechnologyA m FBTAX SH 776 24.48 1.3 7.8 23.0 1 18.8 1.05 2500 Firsthand TechOpps TEFQX ST 95 8.45 5.2 4.6 42.3 1 18.0 1.85 2000 Victory GlbNatrlResA m RSNRX SN 291 22.08 6.3 5.4 -2.8 4 -6.1 1.48 2500 Prudential FinclSvcsA m PFSAX SF 82 13.57 1.0 3.1 34.4 1 8.8 1.42 2500 MFS UtlsA m MMUFX SU 2,092 20.00 2.6 1.5 6.8 1 9.0 1.02 1000 CGM Rlty CGMRX SR 897 33.14 1.3 2.1 16.0 1 8.1 0.99 2500 Oppenheimer GoldSpecMnralB m OGMBX SP 2 14.95 3.8 1.4 -22.9 2 -9.8 1.94 1000 T. Rowe Price MediaTeleCms PRMTX SC 4,249 91.25 3.5 2.1 BlackRock LatinAmerInstl MALTX LS 57 46.96 6.8 7.7 16.8 2 -2.1 1.33 100k+ Ivy EmMktsEqA m IPOAX EM 372 18.88 5.1 5.8 28.5 1 8.7 1.55 750 Matthews AsiaInnovtrInv MATFX PJ 122 13.55 3.4 5.4 24.9 2 15.7 1.24 2500 ClearBridge IntlValIS LSIUX FV 127 11.48 2.8 3.6 24.7 1 10.2 0.85 100k+ Selected IntlS m SLSSX FG 29 13.16 4.2 3.7 25.2 1 11.9 1.30 1000 Columbia PacAsiaZ USPAX DP 55 10.78 3.4 2.9 19.1 1 10.2 1.24 2000 Oakmark IntlInv OAKIX FB 29,048 27.31 2.7 4.4 38.4 1 14.1 0.96 1000 Marsico Glb b MGLBX WS 38 14.32 3.8 4.0 22.6 1 14.0 1.60 2500 Ivy EuropeanOppsA m IEOAX ES 74 30.94 2.6 2.5 19.3 3 8.4 1.71 750 Guinness Atkinson AltEngy GAAEX FA 10 2.81 3.3 5.6 4.1 5 3.5 1.98 5000 Motley Fool EmMktsInv d TMFEX FR 31 13.99 4.2 3.2 23.3 1 8.2 1.15 500 Leuthold GlbInstl d GLBIX IH 80 9.94 2.1 2.2 11.3 2 7.3 1.47 100k+ AIG JapanA m SAESX JS 23 8.37 1.9 1.8 28.9 1 10.9 1.90 500 FUND TICKER CAT ($Mlns) NAV Value Line LgrCoFocedInv b VALLX LG 250 28.96 Lord Abbett MicroCpGrI LMIYX SG 137 18.29 Columbia CnvrtSecZ NCIAX CV 302 Marketocracy Mtrs100 MOFQX MG CGM Foc CGMFX Weitz PtnrsIIIOppIns U.S. industry stock funds 26.2 18.6 0.79 2500 International stock funds Taxable bond funds Fidelity FltngRtHiInc FFHCX BL 205 9.51 0.2 0.3 7.0 2 4.4 0.74 Loomis Sayles BdInstl LSBDX MU 9,711 14.29 0.8 0.9 6.8 1 5.2 0.66 100k+ PIMCO ShrtTrmIns PTSHX UB 7,490 9.85 0.0 0.5 3.1 1.7 0.45 100k+ Northeast Investors NorthstInvTrust NTHEX HY 308 4.82 0.2 1.3 17.5 PIMCO LowDurIncInstl PFIIX CS 175 8.54 0.3 0.4 9.7 4.4 0.55 100k+ Eaton Vance ShrtDrGovtIncA m EALDX GS 158 8.28 -0.1 0.3 2.5 1 1.2 0.94 1000 Franklin Templeton IntlBdAdv FIBZX IB 241 10.98 0.9 1.3 9.5 1 2.2 0.74 Federated EmergMktDbtIns EMDIX EB 12 8.71 1.4 0.5 7.0 2 2.3 0.94 100k+ Loomis Sayles InvmGradeFI LSIGX CI 401 12.45 1.0 1.1 5.6 1 4.2 0.49 100k+ Franklin Templeton RlRetAdv FARRX IP 40 10.18 0.6 0.2 0.8 1 0.5 0.65 100k+ PIMCO LngTrmCrdtP PLCPX CL 50 11.97 0.2 0.3 1.6 6.4 0.65 100k+ PIMCO ExtendedDrInstl PEDIX GL 1,254 7.70 -0.5 -0.7 -14.6 1.8 0.50 100k+ Lord Abbett HYMuniBdA m HYMAX HM 1,160 11.75 0.1 0.4 0.5 2 4.7 0.40 1000 AB MuniBdInfStrA m AUNAX MS 59 10.23 0.4 0.2 1.4 1 0.8 0.74 2500 Columbia StratMuniIncB m ITEBX ML 4.02 0.6 0.2 -1.1 4 3.2 1.56 2000 BlackRock MnTrStrMnOpIvA1 b MDMTX MI 30 11.57 0.3 0.4 1.0 1 3.7 0.64 1000 Columbia CATxExA m CLMPX MC 339 7.71 0.5 -0.1 -1.2 4 3.9 0.80 2000 1 2.9 1.27 1000 Tax-exempt bond funds * - Annualized. Footnotes: b - Fee covering market costs is paid from fund assets. d - Deferred sales charge, or redemption fee. f - front load (sales charges). m - Multiple fees are charged, usually a marketing fee and either a sales or redemption fee. NA - not available. p - previous day´s net asset value. s - fund split shares during the week. x - fund paid a distribution during the week. Source: Morningstar and the Associated Press. -39.0 6.4 get more at TCPALM.com