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Business News

Stock Market Report for Friday, 5/3/13


 

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.

 


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