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Lululemon gains 5%, Tim Cook’s reign at Apple comes to an end, Oregon ranked 12th most expensive state, Fed chair Kevin Warsh says traders should not ‘rely on Fed’ for guidance, Nike stock hits a new low amid hiring new CCO from Walmart, Costco sold 157M chicken in 2025, Amazon starts selling beef.

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PNW Market Look

As of market close 8.28.26

Warsh raises stakes for Fed’s next meeting and other takeaways from Jackson Hole conference (ST)

Key Events This Week: (KL)
1. August Chicago PMI data - Monday
2. August ISM Manufacturing PMI and Prices data - Tuesday
3. July JOLTS Job Openings data - Tuesday
4. August ADP Nonfarm Employment data - Wednesday
5. August ISM Non-Manufacturing PMI and Prices data - Thursday
6. July Jobs Report - Friday
All eyes are on the labor market.

Headline Roundup

Trump Says U.S. Reaches Venezuela Oil Deal for 65 Billion Barrels (Ground)
Lululemon stock gains 5.05% after earnings and guidance (AHN)
Large annual algae bloom on Willamette River prompts local groups to cancel events (OPB)
Massive Oregon Health Care Disruption Is (Mostly) Averted as Regence and OHSU Resolve Dispute (WW)
Contractor wanted for $6M Kent Library renovation (DJC)
Waterton pays $155M for Arrivé, with its 344 Belltown units — but not the hotel below (DJC)
164 Lynnwood units sell for $53M (DJC)
Portland-metro multifamily valuations on the rebound (DJC)
(ID) Conservation groups appeal Stibnite Gold Project approval (IDP)
Photos: Two Idaho medieval-style castles listed for $6.25 million (BD)
How did Oregon become one of the most expensive places to live? (ORL)
Seattle teachers feeling ‘frustrated’ as strike looms (ST)
Daisy Chain Fields raises $20M with help from Melinda French Gates (ST)
Nike hires longtime Walmart executive as chief commercial officer (PBJ)
Federal judge upholds Oregon's groundbreaking recycling law (PBJ)
Iran is attacking US forces in Jordan, Fox News reports, citing a US source (Ground)
WA pays $180K to fired head of youth prisons who alleged retaliation (WSS)
Former Seahawks star co-founds Spokane company (SBJ)
King County buys Cedar River property for $14M, ending decade-long asphalt plant fight (MNW)
LendingTree relocates to new Pioneer Square office (PBJ)
Sand Creek Fire grows to 34,083 acres, Bobcat Lake Fires at 10,784 (NBCMT)

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Community Highlight

Who owns Montana? (MTFP)

“The state doesn’t keep an easy-to-read list of the state’s top private landowners. So we built our own.

Who are the largest private landowners in Montana?

It seems like a straightforward question, but answering it isn’t as simple as sorting a spreadsheet.

The Montana State Library maintains a statewide database of property information through its Cadastral system, based on property ownership data from the Montana Department of Revenue. But the records don’t make it easy to group properties by their principal owner. A single land-owning person or entity can appear in the data under multiple personal or company names.

In other words, the state doesn’t keep an easy-to-read list of the state’s top landowners. So we built our own.

Our analysis of the data shows that Montana’s 10 largest landowners are a varied group.

Galt Ranch, the largest private landowning entity in the state with 347,000 acres, promotes its ranching operation and guided hunting services, but its holdings have also been used for other ventures, including the roughly 18-megawatt Gordon Butte wind project and the Horse Creek Hills subdivision near Canyon Ferry.

Stan Kroenke founded Kroenke Sports & Entertainment, which holds stakes in seven professional sports teams and six sports stadiums across the U.S. and U.K. He is married to Walmart heiress Ann Walton Kroenke. His Montana holdings total 331,000 acres and include Broken O Land & Livestock, a 119,000-acre ranch Kroenke purchased in 2012, and the 117,000-acre PV Ranch, which he purchased in 2002, as well as several smaller properties.

Farmland Reserve’s 325,000 Montana acres are part of a much larger global agricultural portfolio. The Church of Jesus Christ of Latter-day Saints identifies the organization as one of three primary entities that manage the church’s financial reserves, alongside Ensign Peak Advisors and Property Reserve, neither of which is a major property owner in Montana.”

Rip’s Spotlight

Tim Cook Steps Down: How He Took Apple From $350 Billion To $4 Trillion (NDTV) [sic]

“When Tim Cook took over as chief executive of Apple in August 2011, following Steve Jobs' second departure from the company amid his deteriorating health, expectations were sky-high and doubts were equally strong.

Cook was widely viewed as an operations and supply-chain expert rather than a traditional product guy like Jobs. The key question at the time was whether he could sustain Apple's extraordinary run of innovation and growth.

Fifteen years later, the numbers offer a compelling answer. Under Cook, Apple's market capitalisation has surged from roughly $350 billion to around $4 trillion, while its stock has jumped nearly 25-fold.

Apple shares, which traded at about $13 when Cook assumed the top job, have risen 2,359.2 per cent to $319.70 at the latest close.

One of Cook's biggest achievements has been transforming Apple into a business that extends well beyond hardware. Services including the App Store, Apple Music and Apple Pay have become an increasingly important growth engine.

The services segment now generates more than $100 billion annually and carries broader margins than Apple's hardware business.

Cook also oversaw a major shift in Apple's chip strategy. The company moved away from its dependence on Intel and began designing its own processors for Mac computers under the Apple Silicon platform.

The transition gave Apple greater control over performance, product development and its broader hardware-software ecosystem.

His tenure also produced new product categories. Apple introduced the Apple Watch in 2015, with a focus on health, fitness and everyday connectivity.

A year later, the company launched AirPods, helping turn wireless earbuds into a mainstream consumer category and creating another significant revenue stream for Apple.

Cook's record, however, has not been without setbacks. Apple Maps, launched in 2012, faced widespread criticism over inaccurate and incomplete data in its early days.

More recently, the Vision Pro mixed-reality headset, introduced in 2023, has struggled to achieve broad adoption, with its high price emerging as a major barrier for consumers.

Apple also eventually abandoned its ambitious electric and autonomous vehicle programme, known as Project Titan. After years of development, high costs and an uncertain commercial path led the company to pull the plug on the project.

Perhaps the biggest question surrounding Apple's next chapter is artificial intelligence. While Microsoft, Google and OpenAI have moved aggressively to integrate AI into consumer and enterprise products, Apple has taken a more measured approach, emphasising privacy, software integration and on-device computing.”

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