Jan 19, 2023
Gov. Jay Inslee appointed Trang Lam, the director of the Camas Parks and Recreation Department, to the state Recreation and Conservation Funding Board. Lam is believed to be the first Vietnamese woman to serve on the board in its nearly 60-year history. The Recreation and Conservation Funding Board awards about $200 million in grants every two years to local governments, tribes, nonprofits and state and federal agencies to create outdoor recreation opportunities, such as parks and trails. The board also awards grants to conserve the state's natural resource heritage by protecting working farms and forests and wildlife habitat, including places inhabited by plants and animals found nowhere else in the world. Lam has more than 15 years of experience in the public sector. In 2006, Lam began working for the Portland Development Commission, mostly focusing on neighborhood redevelopment, engaging historically underserved populations and businesses owned by people of color and managing high-profile real estate transactions, economic development initiatives and public-private partnership programs. In 2016, Lam went to work for the city of Portland, where she served as both the property and business development manager and then the Parks and Recreation Bureau deputy director. In 2019 she moved to the University of Portland as associate vice president for land use and planning. She became the Camas parks director in 2021. Lam's term will run through Dec. 31, 2025.
Boise Cascade announced the retirement of Rich Viola, senior vice president of sales and marketing, Building Materials Distribution division. Viola began his career at Massachusetts-based Furman Lumber in 1980 after earning his bachelor's degree in marketing from Northeastern University in Boston. In 1999, Viola joined Boise Cascade when it acquired Furman. He was promoted to the senior vice president position in 2016. Nathan Sikes has been named sales and marketing director, replacing the role that Viola held. Sikes joined Boise Cascade in 2006 at the Dallas branch. Sikes most recently served as the division's Southwest regional manager. Boise Cascade produces engineered wood products and plywood in North America and is a wholesale distributor of building products.
Josh Brittingham has joined Carney Badley Spellman as a labor and employment attorney. Brittingham represents and counsels clients in connection with all types of labor and employment matters arising under federal and state law. He also represents high-level executives in employment matters. His practice includes drafting and enforcing employment, confidentiality, and non-competition agreements, and defending claims regarding wrongful discharge, discrimination, sexual harassment, and wage-and-hour issues in state and federal courts and administrative agencies. Brittingham also provides representation on labor relations matters, such as collective bargaining, arbitrations, union organizational campaigns, and National Labor Relations Board proceedings.
For the third year, Teleion has been selected one of Washington's 100 Best Companies to Work For by Seattle Business Magazine – for the first time in the large company category. Teleion's selection for this recognition is based on a survey sponsored by Seattle Business Magazine. Founded in 2008, Teleion is a Minority-Owned strategic and professional services company. Teleion employs over 170 team members across three key practices: Digital Marketing Operations, Analytics and Insight, and Cybersecurity and Compliance.
Jan 18, 2023
Stock indexes on Wall Street closed mixed Tuesday, as investors focus on a busy week of corporate earnings for insight into how much damage inflation is inflicting on the economy.
The S&P 500 slipped 0.2%, ending a four-day winning streak. The Dow Jones Industrial Average fell 1.1%, mostly because of a big drop in Goldman Sachs after the investment bank's results came in far below analysts' estimates as dealmaking dried up.
Gains in technology stocks helped the Nasdaq composite eke out a 0.1% gain, extending the tech-heavy index's winning streak to a seventh day.
The mixed start to the holiday-shortened week follows a solid start to the year for Wall Street after a dismal 2022. The broader market is coming off its best week in two months, but investor sentiment could quickly turn as companies report their results for the October-December quarter.
Analysts still expect companies in the S&P 500 to report a drop in profits for the fourth quarter from a year earlier. That would mark the first such decline since 2020, when the pandemic was crushing the economy.
More importantly, investors are listening closely to financial updates from companies to get better determine whether inflation will continue squeezing consumers' wallets and sapping corporate profits.
“We haven't gotten much forward guidance from companies for the coming year yet, and that's really what we'll be focused on,” said Bill Merz, head of capital market research at U.S. Bank Wealth Management. “And it may be that forward guidance continues to be light in terms of content, because companies simply don't know.”
Several banks reported encouraging financial results last week, but also said a mild recession is likely on the horizon for the U.S. economy. Among the companies reporting their latest results this week: Netflix, M&T Bank and Procter & Gamble.
Goldman Sachs slumped 6.4% Tuesday after the investment bank reported dismal results.
Big communications companies, health care stocks and industrial firms were among the biggest weights on the market. Netflix fell 2%, Pfizer dropped 3.7% and Emerson Electric slid 6.8% for the biggest decline among S&P 500 stocks.
Technology sector stocks were a bright spot. Chipmaker Nvidia rose 4.8%.
All told, the S&P 500 fell 8.12 points to 3,990.97. The Dow dopped 391.76 points to 33,910.85. The Nasdaq rose 15.96 points to 11,095.11.
Small company stocks also gave back some of their recent gains. The Russell 2000 index fell 2.75 points, or 0.1%, to close at 1,884.29.
Bond yields remained relatively stable. The yield on the 10-year Treasury rose to 3.54% from 3.5% late Friday. Bond and stock markets were closed in the U.S. for Martin Luther King Jr. Day on Monday.
Inflation and how the Federal Reserve will continue its fight against high prices remains the big concern for investors as they review earnings results and corporate statements.
“The forward outlook is very opaque at this point, because we're at a potential turning point in inflation, a potential turning point in (Fed) policy trajectory and it remains to be seen the extent to which the significantly tighter policy headwinds will flow through to the earnings picture in 2023,” Merz said.
Wall Street will get another inflation update on Wednesday, when the government issues its December report on inflation at the wholesale level, which tracks prices before they are passed on to consumers. The government will also release retail sales data for December, which could give investors more insight into how inflation continues to affect consumer spending.
Inflation at the consumer level has been easing for six straight months, and that has given investors more hope that the Fed could soon consider softening its policy on interest rates. The central bank, though, has so far been adamant that it plans to continue raising rates this year and that it sees no rate cuts happening until 2024 at the earliest.
The central bank has raised its key overnight rate to a range of 4.25% to 4.50% from roughly zero a year ago. The Fed will announce its next decision on interest rates Feb. 1 Investors are largely forecasting a raise of just 0.25 percentage points next month, down from December's half-point hike and from four prior increases of 0.75 percentage points.
Critical Insight, a cybersecurity-as-a-service provider, appointed Lynn Shourds as vice president of channel alliances, and David Surfas as senior vice president of sales. With decades of combined experience, Shourds and Surfas will help the company expand its channel partner program through optimized pricing, discounts, education and resources. Together, they will oversee the strategy of Critical Insights' sales team, develop new business opportunities, and create customized solutions for the company's channel partners. Shourds most recently served as CRO for Inceptus Cybersecurity, aligning product, process, marketing, and channel efforts. Bringing over 20 years of leadership and technology experience, he started his career in VAR sales for IKON Technology. Surfas joins Critical Insight with 20 years of experience in the technology industry. Previously, he was with NexusTek, where he most recently served as regional sales director for the Pacific and Southwest regions, working with small and medium-sized organizations that needed help managing and optimizing their IT and cloud environments. Based in Seattle, Critical Insight's focus is on organizations that deliver critical services, including hospitals, local governments, utilities and school systems.
Digital engineering firm CloudMoyo has been ranked as one of the Top 100 Companies to work for by Seattle Business Magazine. For four years in a row, CloudMoyo has ranked among the top companies on this annual list. CloudMoyo claimed the number-one spot in 2022.
To achieve ranking, organizations across Washington utilize a two-part survey process that focuses on evaluating the company's workplace policies, practices, philosophies and demographics by utilizing an employee survey to evaluate the employee experience. In order to rank, the survey must also achieve 100% employee participation. The Best Companies Group manages this data to determine final rankings. The annual 100 Best Companies to Work For (currently in its 33rd year) was created by Seattle Business Magazine and its partner, the Best Companies Group. This list identifies, recognizes, and honors the best employers in Washington state who are supporting the area's economy, workforce, and business. Founded in 2015, CloudMoyo began as a digital engineering firm and a partner for Icertis, a provider of contract lifecycle management software. Since its founding, CloudMoyo has become a Microsoft Certified Gold Partner and expanded its solution offerings beyond Icertis Contract Intelligence implementation to include application engineering, data modernization, and AI/ML expertise. CloudMoyo is headquartered in Bellevue, with an innovation center in Pune India.
Walker Sands, a full-service marketing agency focused on accelerating the growth of B2B brands, has acquired KoMarketing, a B2B demand generation firm headquartered in Boston. Founded in 2001, Walker Sands has been named to the Inc. 5000 list of fastest-growing companies for 10 years in a row. KoMarketing was founded in 2004 and has grown to nearly 30 team members supporting B2B clients ranging from growth-stage businesses to Fortune 500 companies in industries including cybersecurity, marketing technology and healthcare and medical device technology. Going forward, KoMarketing will be known as KoMarketing, a Walker Sands company. Walker Sands has offices in Seattle, Chicago, San Francisco, Boston and Atlanta.
Global regulatory advisor Ben MacWilliams has joined DLA Piper as a Seattle-based principal (a partner-level, full-time, non-attorney/consultant role) in the firm's Telecoms Practice. MacWilliams was previously at SpaceX, where he led Starlink market access for the Middle East, North Africa and Central Asia. In that role, he spearheaded negotiations with regulatory and policy agencies related to foreign ownership, radio frequency spectrum access and fees, taxation, data protection and privacy and security requirements to create favorable telecom licensing frameworks in more than 30 countries. MacWilliams also has experience in the public sector, having served in the US Government as a diplomat in the Department of State with overseas postings in the Middle East and Europe. In that capacity, he engaged with the public and private sectors on international policy issues related to emerging and disruptive technologies, developing expertise in cybersecurity, telecommunications, 5G and the commercial space industry.