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Weekly Market Wrap: November 16, 2012
Friday, November 16, 5:06 PM ET

This forty sixth trading week of 2012 comes to a close with investors breathing a sigh of relief as congressional leaders express confidence they can reach a deal with President Obama to prevent a new recession and head off the fiscal cliff.

Hi. I'm Tracey Fitzpatrck. Welcome to the 'Weekly Market Wrap' for November 16, 2012.

The Dow Jones Industrial Average, the S&P 500, and the Nasdaq were all lower for the week.

Crude oil futures are higher this week, trading around $86.60 per barrel on Friday afternoon.

Gold futures are lower this week, trading at $1,713.15 an ounce in afternoon trading.

In notable economic news this week, the Labor Department announced on Thursday that the consumer price index rose by a seasonally adjusted 0.1 percent in October, down from sharp gains of 0.6 percent during the two months prior due to a spike in gas prices. Gas prices fell by 0.6 percent last month, while food prices rose by 0.2 percent. Excluding volatile food and energy prices, the CPI increased by 0.2 percent last month.

In corporate news, Dick's Sporting Goods (NYSE:DKS) announced that it earned $50.1 million, or 40 cents per share, on revenue of $1.31 billion during the fiscal third quarter, representing a 21 percent earnings increase and an 11 percent revenue increase.

Shares are higher by about 5.5 percent.

TJX (NYSE:TJX) announced a stronger-than-expected third-quarter and raised its forecast for the full year. The company earned $461.5 million, or 62 cents per share, versus $406.5 million, or 53 cents, in the same period last year. Results beat estimates by one cent. Revenue increased by 11% to $6.4 billion from $5.79 bill in the same period last year, also beating eastimates of $6.3 billion. Same store sales increased by seven percent.

Michael Kors Holdings (NYSE:KORS) announced that fiscal second-quarter net income more than tripled. The retailer said that it earned $97.8 million, or 49 cents per share, up from $31.6 million, or 22 cents per share, in the same period last year. Revenue increased by 74 percent to $532.9 million from $305.5 million. Analysts had expected earnings of 40 cents per share on $519.9 million in revenue.

Staples (NASDAQ:SPLS) announced that earnings for the third quarter increased by 10.4% to $3.62, beating analyst estimates by one cent. Revenue fell by 3.3% to $6.35 billion, while analysts had expected revenue of $6.45 billion.

Target (NYSE:TGT) announced that it earned $637 million, or 96 cents per share, up 15 percent from $555 million, or 82 cents per share, in the same period last year. Excluding certain items, earnings were 90 cents per share, beating estimates of 78 cents per share. Revenue was higher by about three percent to $16.6 billion, below forecasts of $16.91 billion. Same store sales increased by 2.9 percent, below the 4.3 percent increase reported last year.

This is the 'Weekly Market Wrap' for Friday November 16, 2012. Please join us on Monday for the 'Week Ahead Market Report.

For MarketNewsVideo.com, I'm Tracey Fitzpatrick.

Weekly Market Wrap: November 16, 2012 picture
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Friday Sector Laggards: Water Utilities, General Contractors & BuildersFriday Sector Laggards: Water Utilities, General Contractors & Builders
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Friday Sector Leaders: Education & Training Services, ComputersFriday Sector Leaders: Education & Training Services, Computers
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Thursday Sector Laggards: Sporting Goods & Activities, Biotechnology StocksThursday Sector Laggards: Sporting Goods & Activities, Biotechnology Stocks
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Friday's ETF with Unusual Volume: CWIFriday's ETF with Unusual Volume: CWI
Related symbols: CWI,ABEV,VALE,VRX.CA,SID
Friday's ETF Movers: GXC, ILFFriday's ETF Movers: GXC, ILF
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XLI, GDJS: Big ETF OutflowsXLI, GDJS: Big ETF Outflows
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Symbol Cloud:   AAPL   ALTR   APC   ASH   AXP   BA   BAC   BBY   BHI   BRCD   CAT   CDZI   CIG   CTL   CTRP   CVC   CVTI   CVX   CWI   DD   DLTR   ESV   FBP   GBF   GBU.CA   GDJS   GDX   GDXJ   GMCR   GSS   GXC   HD   HGG   HMHC   HRL   ILF   ISCA   ISIS   ISR   IWM   IYT   JCI   JPM   KBH   KSS   LINC   LO   LODE   LTXB   LUV   M   MAT   MCD   MHFI   MMM   MO   MOS   MSFT   NFLX   NKE   NTAP   OI   OIH   PBR.A   PFF   PGX   PPL   QAT   RICK   RIG   SBS   SDRL   SDS   SID   SLRC   SSRI   TEL   TJX   UAL   UNP   USAK   VALE   VIA   VIP   VOXX   WBAI   WMB   WST   YUMA
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Weekly Market Wrap: November 16, 2012 | Market News Video | Copyright © 2008 - 2015, All Rights Reserved

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