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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 9th 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.

Help Puerto Rico

Most organizations are asking for cash, rather than supplies, so they can route help to where it’s needed most more quickly. Here are some of the largest groups with campaigns underway:

 

Traffic

 

 

  • Click on the link for the latest conditions on the mountain passes.

 

  • Intersection of NW Broadway Street and NW Delaware for waterline replacement project, road closures with detours clearly marked for thru traffic, 7 a.m. – 4 p.m. daily with roads opened nightly. Motorists are encouraged to avoid this area and use Bond Street and Wall Street.

 

  • Nels Anderson Road between Nels Anderson Place and Brandis Court, single northbound shoulder closure will be in effect, two-way traffic to be maintained. Project completion expected December 2017.