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 15th, replacing 3rd 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.