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Business News


Markets hung out at the flat line yesterday consolidating gains from the week before.  Today we go to our 19th consecutive up Tuesday.

 

Home Depot is showing the strength of the housing markets as they topped street expectations and raised their profit guidance for the rest of 2013.  The company says sales rose 7.2% year-over-year and profits surged 22% for the same period.

 

Today Apple CEO Tim Cook is expected to go before Congress with a plan that will give incentive to multinational companies to repatriate oversea profits. Currently American multinationals are taxed by the country where they make the profits and then again if they bring them home.  Apple alone has $40 million in cash overseas that could be brought home for new plant construction.  Be aware of political bloviating on this subject as Apple and other companies are demeaned for doing what is legally best for their shareholders.

 

Airlines collected record baggage fees in 2012, more than $3.5 billion to be precise.  This revenue has become an important and growing part of the airlines revenue stream over the last five years.

 

Home affordability fell in the first quarter of 2013 according to the National Homebuilders. A median family income of $64,000 could afford 73.7% of all home sold during the quarter, which is down from almost 75% at the end of 2012. The index has not fallen below 70 since 2008, as record low interest rates help keep home affordable.

 

The S&P 500 is up 1 and the NASDAQ is up 3.

 

Oil is down 25 cents at $96.50 a barrel.

 

Gold is down $7 at $1377 a Troy ounce.

 

Traffic & Weather

 

 

 

 

Jones Road, full road closure between Bennington Lane and NE Butler Market Road. May 18 – August 18, local access only.
 

 

Orion Drive closed in two locations for sewer work; at the intersection with Avery Lane and between Desert Woods Drive and King Hezekiah Way.  From July 11 to Sept. 6. Detours marked.

 

Valhalla Sewer Relocation Project, Mt. Washington Drive at Shevlin Park Road intersection and North to Regency Street. Nighttime closures with detours marked during roundabout construction. Daytime closures for construction towards Regency Street.    7 p.m. – 7 a.m., July 11 – November.

 
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