It was the Fifth Dimension that sang “Up Up and Away in my Beautiful Balloon” and they could have been singing about this market as the S&P 500 hit new record highs yesterday.  But remember nothing defies gravity forever.

On the earnings front:

·       Northwest fitness equipment maker Nautilus is back from the brink of two years ago posting an over 15% increase in sales and a profit pop of over 200% in the latest quarter. New products and leadership are making the difference.

·       Oregon electronic display company Planar, posted strong quarterly results increasing sales 22% year-over-year but still lost money for the ninth consecutive quarter. The company expects strong sales growth to continue and say they will post a profit for the full year.

New unemployment claims came in at 323,000 down 4,000 and another 5 year low.  That is good jobs news.

Dave’s Killer Bread sold 50% of the family ownership to Goode Partners late last year.  In the next step to make the company a national bread chain, they have named a new CEO.  John Tucker will take over on May 15^th, replacing 3^rd generation family member Shobi Dahl.

Daimler Trucks North America said sales slipped 6% in the area serviced by its Portland production facility. The Portland plant layed off 230 people in February.  They do see a light on the horizon as incoming orders are up 32% from a year ago.

The S&P 500 is down 3 and the NASDAQ is down 8.

Oil is down 75 cents at $95.75 a barrel.

Gold is down $12 at $1460 a Troy ounce.

Today marks the beginning of the Woodstock for Capitalism in Omaha Nebraska as Warren Buffet kicks off the weekend long events surrounding the Berkshire Hathaway Annual Meeting. 

The Department of Labor says the economy added 165,000 jobs in April with the private sector adding 176,000 and government shedding 11,000.  February (322,000) and March (138,000) were revised upward huge.  The February jobs gain is now the biggest since March 2005.

Firearms maker Sturm, Ruger & Co. hit the bulls-eye in Q1 as profits exploded 53% as gun sales surged. The company doubled their dividend for the year to 49 cents a share.  The company says demand will remain strong, as in-store gun inventory is one-third what it was last year.

Oregon electron microscope maker, FEI, saw sales grow 1.7% last quarter, its slowest rate of growth since 2009. Despite the slower growth the company expects to post record sales in 2013, the fourth consecutive annual record.

Crude oil supplies in the US rose to their highest levels on record this week.  This comes as the demand for gasoline slumped almost 4% last week.  Combined this could mean good news for drivers.

Oregon railcar builder Greenbrier will be laying off 200 of the 817 workers at their northwest Portland production facility. The layoffs are due to declining orders.  Greenbrier has struggled recently even as other producers are booming.

The S&P 500 is up 9 and the NASDAQ is up 16.

Oil is up $1.25 at $95.25 a barrel.

Gold is down $10 at $1459 a Troy ounce.

Dow -138.85  14,700.95 -0.94%

Nasdaq -29.66  3,299.13 -0.89%

S&P -14.87 1,582.70 -0.93%

Markets closed higher yesterday but off their highs of the day.  We are within striking distance of new highs, so we will have to see where the data and earnings take us.

First quarter Gross Domestic Product came in at 2.5%, a little lower than expected. Consumption was up 3.2% which was a good number. This number is a pick up from last quarter.  Growth continues but it continues to be on the slow side.

On the earnings front:

Grocery store operator Safeway, reported higher profits in Q1.  Profits rose 63% from a year earlier. Sales were flat. Safeway operates 1600 locations.

Oregon chip maker, TriQuint Semiconductor, posted a supersized loss of $28 million in the latest quarter as sales cratered.  Nearly one-third of the company’s sales are for Apple iPhones.  TriQuint also took a $5 million charge for undisclosed quality issues. The company says they expect sales to pick up in the second half of the year.

Medford based Lithia Motors posted a quarterly profit of $22 million as sales climbed 22%.  Lithia is the nation’s 9^th largest auto retailer with 88 stores in 11 States.  The company shed $22 million in debt during the quarter.

Join us Saturday at 10 for Financial Focus when we explore this week’s mini flash crash. 

The S&P 500 is down 7 and the NASDAQ is down 8.

Oil is down 50 cents at $93.25 a barrel.

Gold is up $4 at $1466 a Troy ounce.