This forty third trading week of 2012 comes to a close with investors assessing a busy week of earnings reports that were largely disappointing.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for October 26, 2012.
The Dow Jones Industrial Average, the S&P 500, and the Nasdaq were all lower for the week.
Crude oil futures are lower this week, trading around $86.16 per barrel on Friday afternoon.
Gold futures are lower this week, trading at $1712.96 an ounce in afternoon trading.
In notable economic news this week, U.S. durable-goods orders were higher by 9.9% in September.
In corporate news, DuPont (NYSE:DD) announced that it earned $10 million, or once cent per share, compared to $452 million, or 48 cents per share, during the same period last year. Revenue was about $7.4 billion, down 9 percent from $8.1 billion last year. Analysts had expected earnings of 46 cents per share. The company also announced that it was laying off 1,500 workers.
United Technologies (NYSE:UTX) reported that third quarter profit was higher. The company earned $1.37 per share, beating estimates of $1.19. Sales climbed by 5.7 percent to $15 billion.
General Dynamics (NYSE:GD) announced that third quarter profit fell by 8 percent due to higher costs offsetting an increase in revenue. The company earned $600 million, or $1.70 per share, down from $652 million, or $1.80 per share, in the same period last year. Revenue was higher by one percent $7.93 billion. Analysts expected a profit of $1.78 on $8.03 billion in revenue.
JetBlue (NASDAQ:JBLU) announced that earnings for the third quarter were 29 percent higher due to increased traffic that offset lower fares. The company earned $45 million, or 14 cents per share, versus $35 million, or 11 cents per share, in the same period last year. Revenue increased by 9.4 percent to $1.31 billion, while costs increased by 9.8 percent to $1.2 billion. Analysts had expected earnings of 13 cents per share on revenue of $1.31 billion.
Lorillard (LO) announced that third-quarter net income increased by 6 percent due to higher pricing that offset a decline in cigarette sales. Net income was $283 million, or $2.16 per share, up from $267 million, or $1.94 per share, in the same period last year. Adjusted earnings were $2.17 per share, missing estimates of $2.23 per share. Revenue excluding excises taxes increased by 4.5 percent to $1.16 billion while analysts expected revenue of $1.2 billion.
This is the 'Weekly Market Wrap' for Friday October 26, 2012. Please join us on Monday for the 'Week Ahead Market Report."
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