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For the first month in quite a while a large group of retailers suprised with sales numbers to the upside.  While clothing, and other non-necesssary sales were still down, discounters like Walmart and Costco looked to be doing much better.  Consumers seem to be looking for value and lower price points to stretch their dollar.  May and June are expected to be a litte better as well as the rebate checks should be getting into the consumers hands to give them some extra spending power.

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The Federal Reserve reported that consumers increased their borrowing at an annual rate of 7.2%, well above the 3.1% rate in  February.  The gain was larger than expected and shows an increase in borrowing on credit cards and auto loans.  The credit card increases show distressed borrowing by consumers who need cash. 

The DOW has broken through the crucial 13,000 points.  A better than expected round of 1st quarter earnings has given investers a reason to be optimistic about the future of the economy.  The better than expected economic data flowing out has also helped the US dollar jump back up from it’s current long term decline.

The commerce department reported that the sale of new homes dropped 8.5 percent in March, the lowest sales pace since October of 1991.  The median new home price dropped by 13.3 percent compaired to the year ago prices.  This data continues to show the slump the housing market is going through since the bursting of the housing bubble.  The perfect economic storm continues as the housing market, upcomming recession, and tough credit crunch are continuing to destroy the current US economy.

As we head into the last half of april, company earnings will start to roll out.  This is commonly known as 1st Quarter earnings season.  The beginnings of what has been rolling out is been a mixed bag of earnings.  Google pushed the markets quite a bit higher as many people thought they would have weak earnings from the recession, but the suprised the market.  Yahoo slightly beat estimates, but didn’t move the stock much, and many other companies are very mixed in their earnings picture.

The leader in Internet Search earned $1.31 billion in the 1st quarter of 2008. Earnings were $4.12 per share up from $3.18 per share in the 1st quarter of 2007. 1st quarter revenue was $5.19 billion up from $3.66 billion a year earlier.

Google is the dominate internet search engine. More than 50% of all online searches are done through Google. It’s a great investment due to it’s complete dominance of the AdWords paid/sponsored links. So far Google is showing a resistance to the US recession, but we will see if it can hold up in the latter stages of the recession if online advertising dollars dwendle.

Aloha Airlines filed on March 31st, ATA filed on April 3rd, Skybus filed on April 5th, and now Frontier Airlines has filed for bankruptcy protection.  At least for passengers, Frontier is still flying, while the other 3 shut down completely leaving passengers who had bought tickets stuck without a flight.  The rumor behind the bankruptcy protection is thought to be because of an unexpected increase in the amount it’s principle credit card processor plans to withhold from the sale of it’s flight tickets.

General Electric Co. (aka GE) stock is currently down more than 11% as they missed their anticipated 51 cents per share earnings forcast by analysts and missed GE’s own forcast of between 50 - 53 cents per share.  GE posted 43 cents per share in earnings in the 1st Quarter, down 8 cents for their estimates and down a penny from year ago earnings.  GE stated that disappointments were spread across all of their businesses both in financial and industrial segments.  GE has lowered 2008 full year earnings expectations from $2.42 per share down to between $2.20 and $2.30 per share.