Business News

Iraq News Starts to Wear

Today marks the 138th anniversary of the Battle of the Little Bighorn and the death of General Custer.  Yesterday felt a little like that as markets made a strong downward move as traders grew weary of bad news from Iraq.  

US consumer confidence for June hit its highest level since January of 2008.  Consumers are very positive about the short-term improving economy, but are somewhat tepid about income expectations.  Overall, a bullish number. (Associated Press)

New home sales posted an annual rate of 504,000 in May.  That is up 19% from the prior month and is the best number since 2008 as we slid into the abyss.  The median US home price for a new home stands at $282,000. (Reuters)

The makers of Lucky Charms, Betty Crocker and GoGurt, General Mills, saw year-over-year profits rise over 10% last quarter as the company continues to drive down costs.  Sales declined almost 3% to $4.41 billion during the period.  (Reuters)

Gun manufacturer Smith & Wesson is down almost 14% over the last four trading days as they say sales will fall in future quarters.  They say the surge of new buyers spurred over the last 18 months by fear of new regulation has passed. Net sales for the company are down about 5% this year. (Fox Business News)

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