Weekly Market Wrap: April 27, 2012 Friday, April 27, 6:00 PM ET
This seventeenth trading week of 2012 comes to a close with investors assessing a disappointing report on first-quarter U.S. GDP.
Hi. I'm Kristin Bianco. Welcome to the 'Weekly Market Wrap' for Friday April 27, 2012.
The S&P 500, the Dow Jones Industrial Average, and the Nasdaq were all higher for the week.
Crude oil futures are slightly higher in afternoon trading, to around $104.81 per barrel.
Gold futures are higher this week, to $1663.80 an ounce in afternoon trading.
In notable economic news this week, new claims for unemployment benefits fell to 388,000 last week from an upwardly revised 389,000 the week prior.
Economists were expecting a drop to 375,000.
In corporate news this week, 3M (NYSE:
MMM) announced that net income increased by four percent in the first quarter due to strong sales in its automotive and
aerospace sectors. The company earned $1.13 billion, or $1.59 per share, beating analyst estimates of $1.48 per share. Revenue of $7.49 billion met analyst
NVS) announced that net profit fell to $2.33 billion from $2.88 billion in the same period last year, while revenue dropped by two percent to
$13.74 billion. The company cited strong competition in the generic drug market, as well as manufacturing problems at a plant in the United States for the
poor quarterly results.
CAT) announced that it earned $1.6 billion, or $2.37 per share, versus $1.2 billion, or $1.84 per share, in the same period last year. Revenue
increased by 23 percent to $16 billion during the first quarter. Analysts expected the company to earn $2.13 per share on revenue of $16.2 billion.
Caterpiller projected that it would earn $9.50 per share for the year on revenue of $68 billion to $70 billion.
BA) announced that it earned $923 million, or $1.22 per share, up from $586 million, or 78 cents per share in the same period last year. Revenue
increased by 30 percent to $19.4 billion, beating expectations of $18.4 billion. The company expects to make $4.35 a share for the year on revenue of $78
billion to $80 billion.
F) announced on Friday that net income dropped by 45 percent due to plummeting sales in Europe and a higher tax rate. The company earned $1.4 billion,
or 35 cents per share, in the first quarter down from $2.5 billion, or 61 cents in the same period last year. Revenue fell by 2 percent to $32.4 billion.
Excluding one-time items, the company earned 39 cents, beating analyst estimates of earnings of 35 cents per share on revenue of $32.4 billion.
This is the 'Weekly Market Wrap' for Friday April 20, 2012. Please join us on Monday for the 'Week Ahead Market Report."
For MarketNewsVideo.com, I'm Kristin Bianco.
Friday Sector Leaders: Medical Instruments & Supplies, Metals Fabrication & Products
Related symbols: IVC, MMSI, APT, TREX
Friday Sector Laggards: Education & Training Services, Shipping Stocks
Related symbols: EDMC, ESI, DRYS, SB
Thursday Sector Leaders: Auto Dealerships, Paper & Forest Products
Related symbols: GPI, KMX, UFS, VRS
Friday's ETF with Unusual Volume: BBH
Related symbols: BBH, GILD, CELG, BMRN, NPSP
Friday's ETF Movers: ILF, GDXJ
Related symbols: PBR.A, SID, GBU.CA, TRX, GDXJ, ILF
XLV, HDG: Big ETF Outflows
Related symbols: XLV, HDG, JNJ, PFE, FLWS, XXII
Daily Dividend Report: PFE, BAC, SCHW, MCO, ALTR, JNPR, AJG, POM
Related symbols: PFE, BAC, SCHW, MCO, ALTR, JNPR, AJG, POM
Daily Dividend Report: CMCSA, DD, TWC, AAL, VLO
Related symbols: CMCSA, DD, TWC, AAL, VLO
Daily Dividend Report: V, ENB, STX, PH, C
Related symbols: V, ENB, STX, PH, C
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Weekly Market Wrap: April 27, 2012
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