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Weekly Market Wrap: October 19 2012
Friday, October 19, 5:32 PM ET

This forty second trading week of 2012 comes to a close with investors selling off stocks after a series of disappointing earnings reports being reported on the twenty fifth anniversary of the 1987 stock market crash on Black Monday.

Hi. I'm Kristin Bianco. Welcome to the 'Weekly Market Wrap' for October 19, 2012.

The Dow Jones Industrial Average and the S&P 500 were about even for the week during last afternoon trading, with the Nasdaq lower.

Crude oil futures are lower this week, trading around $90.27 per barrel on Friday afternoon.

Gold futures are lower this week, trading at $1,753.88 an ounce in afternoon trading.

In notable economic news this week, The Commerce Department announced that housing starts increased by 15 percent during September to a seasonally adjusted 872,000 units, beating analyst estimates. The new numbers represent the fastest pace of groundbreaking since the summer of 2008.

In corporate news, Gannett (NYSE:GCI) announced better-than-expected revenue and higher profit due to strong television advertising revenue from the Olympics and the presidential election, as well as online subscription revenue. Third-quarter revenue increased by 3.4 percent to $1.31 billion, while analysts expected revenue of $1.29 billion. Net income was higher by $133.1 million, or 56 cents per share, from $99.8 million, or 41 cents per share in the same quarter last year.

UnitedHealth Group (NYSE:UNH) announced that profit increased by 23 percent during the third quarter due to increased enrollment, as well as lower spending. Net income increased to $1.56 billion, or $1.50 per share, up from $1.27 billion, or $1.17 per share, in the same period last year. Revenue increased by 8 percent to $27.3 billion. An additional 670,000 people were enrolled during the quarter, above estimates of 650,000.

Shares are higher in early trading.

Johnson & Johnson (NYSE:JNJ) announced that profit for the third quarter fell by 7 percent due to higher production and research costs that offset higher sales. Net income was $2.97 billion, or $1.05 per share, down from $3.2 billion, or $1.15 per share in the same period last year. Revenue rose by 6.5 percent to $17.05 billion, beating estimates of $1.21 per share on revenue of $17.01 billion.

Verizon Communications (NYSE:VZ) announced that quarterly profit increased by 16 percent, due to higher revenue from its data business and iPhone sales. The company said it was on track to meet 2012 goals. Profit for the third quarter rose to $1.59 billion, or 56 cents per share, from $1.37 billion, or 49 cents per share, in the same period laster year. Revenue increased to $29.01 billion from $27.91 billion, while analysts had expected $28.96 billion. Excluding items, earnings were 64 cents per share.

McDonald's (NYSE:MCD) announced that profits were below analyst estimates, despite higher revenue during the third quarter. The company earned $1.43 per share versus $1.45 per share last year, and below the estimate of $1.47. Revenue was higher, climbing to $7.2 billion from $7.17 billion during the same period last year, while analysts had expected $7.16 billion. Global sales were higher by 1.9 percent, and the company blamed currency pressures in part for the slower earnings growth.

This is the 'Weekly Market Wrap' for Friday October 19, 2012. Please join us on Monday for the 'Week Ahead Market Report."

For MarketNewsVideo.com, I'm Kristin Bianco.

Weekly Market Wrap: October 19 2012 picture
Friday 4/28 Insider Buying Report: ADX, WTFCFriday 4/28 Insider Buying Report: ADX, WTFC
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Nasdaq 100 Movers: BIDU, CERNNasdaq 100 Movers: BIDU, CERN
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S&P 500 Movers: SYF, CERNS&P 500 Movers: SYF, CERN
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Dow Movers: INTC, CVXDow Movers: INTC, CVX
Related symbols: INTC,CVX
S&P 500 Analyst Moves: ALXNS&P 500 Analyst Moves: ALXN
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S&P 500 Analyst Moves: ORCLS&P 500 Analyst Moves: ORCL
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S&P 500 Analyst Moves: FTIS&P 500 Analyst Moves: FTI
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Friday Sector Laggards: Publishing, Apparel StoresFriday Sector Laggards: Publishing, Apparel Stores
Related symbols: TIME,MDP,VNCE,DXLG
Friday Sector Leaders: Precious Metals, Non-Precious Metals & Non-Metallic Mining StocksFriday Sector Leaders: Precious Metals, Non-Precious Metals & Non-Metallic Mining Stocks
Related symbols: AEM,GPL,ZEUS,CSTM
Thursday Sector Laggards: Oil & Gas Exploration & Production, Precious MetalsThursday Sector Laggards: Oil & Gas Exploration & Production, Precious Metals
Related symbols: NBR,TRCH,NGD,GG
Friday's ETF with Unusual Volume: PXLVFriday's ETF with Unusual Volume: PXLV
Related symbols: PXLV,BAC,F,TRI,COF
Friday's ETF Movers: GDXJ, IYZFriday's ETF Movers: GDXJ, IYZ
Related symbols: GPL,EXK,NIHD,SPOK,IYZ,GDXJ
XME, ULE: Big ETF OutflowsXME, ULE: Big ETF Outflows
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Daily Dividend Report: IMO, PFG, SBUX, GM, AFL, FIS, KDaily Dividend Report: IMO, PFG, SBUX, GM, AFL, FIS, K
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Daily Dividend Report: XOM, JNJ, SU, XLNX, PFE, CVX, KODaily Dividend Report: XOM, JNJ, SU, XLNX, PFE, CVX, KO
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Daily Dividend Report: PCAR, GWW, MET, ANTM, MPCDaily Dividend Report: PCAR, GWW, MET, ANTM, MPC
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Symbol Cloud:   ADMP   ALXN   AMTD   ATI   AWK   AXP   BA   BHI   BIDU   BMRN   BRK.B   BRO   BZH   CCI   CERN   CGI   CIG   COL   CONN   CREE   CRR   CSX   CVX   DAL   DD   DDG   DFS   DXLG   EEP   ENIA   ESRX   GDX   GDXJ   GE   GNMX   GPL   GS   IBM   INCY   INTC   ISRG   ITB   JNJ   JPM   KALU   KNOP   LRCX   MAT   MET   MSFT   MU   NKE   NLSN   NRG   NSRGY   NTES   NVO   NWY   OIH   OILU   PFE   PLG   PPP   PTEN   R   SAND   SBLK   SHW   SLCA   STX   SU   SXC   TAP   TDC   TECK   TRI   TRX   UNH   VNCE   VOXX   VZ   WST   WWD   XBI   XLF   XLNX   XME   XPP   ZEUS
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Weekly Market Wrap: October 19 2012 | Market News Video | Copyright © 2008 - 2017, All Rights Reserved

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