Stocks were mixed today as the Dow set another high while the NASDAQ reversed lower. At the close the Dow posted a gain of 85 points to 21,796. Trading volume was higher. The NASDAQ reversed lower due to concerns that tech valuations are getting a bit stretched. Amazon was due to report earnings after the close.
Verizon reported better than expected earnings sending shares up over 7% and reversing a slide in value that has been in place for several months. The company reported flat revenue and a 2% increase in net income. The gurus had expected trouble but the results showed an apparent end to the effects of increased competition amongst telecom carriers.
Faceplant reported record numbers on strong mobile ad sales. Shares hit an all-time high before reversing a bit. Revenue was up 45% and net income gained 69%.
In talking to my brother who works for the US Gubment helping small communities with water sewer projects, he told me that in the State of Washington there is currently more jobs for water sewer projects than there are contractors to do the jobs. This is causing small towns to up the prices they are willing to pay to get the job done. The contracts usually contain provisions for 20% overage but Dave said recent bids are blowing past this cap and they are having to do provisional funding. This could be another sign of the underlying strength in the economy as contractors are busy and there is a steady flow of new work up for bid.