This thirtieth trading week of 2012 comes to a close with investors sending stock higher on Friday, betting that European leaders will act to get the region's debt crisis under control soon.
Hi. I'm Kristin Bianco. Welcome to the 'Weekly Market Wrap' for Friday July 27, 2012.
The Dow Jones Industrial Average and the S&P 500 edged higher for the week, while the Nasdaq was about even.
Crude oil futures are lower this week, trading around $90.00 per barrel on Friday afternoon.
Gold futures are higher this week, trading at $1618.40 an ounce in afternoon trading.
In notable economic news this week, manufacturers' orders for durable goods increased by 1.6% to a seasonally adjusted $ 221.63 billion. Orders for May were revised up to $218.20 billion, a 1.6% gain from the prior month.
In corporate news this week, NRG Energy (NYSE:NRG) announced it will buy power producer GenOn Energy (GEN) in a deal worth $1.7 billion in stock.
United Parcel Service (NYSE:UPS) announced that quarterly results missed forecasts, and it also cuts its 2012 outlook due to global uncertainty. Adjusted earnings increased by 7.5 percent to $1.15 per share versus $1.07 per share in the same period last year. Estimates were for earnings of $1.17 per share. Revenue increased to $13.35 billion from $13.19 billion in the same period last year, and was below the estimate of $13.7 billion.
JetBlue (NASDAQ:JBLU) announced that net income increased to $52 million, or 16 cents per share, versus $25 million, or 8 cents per share, in the same period last year. Revenue increased by 11 percent to $1.23 billion. The airline said that the gains were due to an increase in business and leisure travel, and the profit was its highest second quarter profit in history.
Delta Air Lines (NYSE:DAL) said that it lost $168 million, or 20 cents per share, in the most recent fiscal quarter, down from $198 million, or 23 cents per share, in the same period last year. Revenue increased to $9.73 billion from $9.15 billion. The company forecast a return to profitability next quarter.
Sprint Nextel (NYSE:S) announced that it lost $1.37 billion, or 46 cents per share, versus $847 million, or 28 cents per share in the same period last year. Revenue was $8.8 billion versus $8.3 billion last year, and analysts had expected $8.727 billion.
This is the 'Weekly Market Wrap' for Friday July 27, 2012. Please join us on Monday for the 'Week Ahead Market Report."
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