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 (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 (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 (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 (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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