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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 Leaders: Sporting Goods & Activities, Manufacturing StocksFriday Sector Leaders: Sporting Goods & Activities, Manufacturing Stocks
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Thursday Sector Leaders: Airlines, RailroadsThursday Sector Leaders: Airlines, Railroads
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Friday's ETF with Unusual Volume: KIEFriday's ETF with Unusual Volume: KIE
Related symbols: KIE,MET,AIG,MBI,GNW
Friday's ETF Movers: FDN, GDXJFriday's ETF Movers: FDN, GDXJ
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EEM, CMDT: Big ETF OutflowsEEM, CMDT: Big ETF Outflows
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Daily Dividend Report: INTC, CMS, WES, ALE, SBUX, PH, POM, CNW, FULDaily Dividend Report: INTC, CMS, WES, ALE, SBUX, PH, POM, CNW, FUL
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Daily Dividend Report: MWE, ALK, GM, ADP, AEP, BHI, BRODaily Dividend Report: MWE, ALK, GM, ADP, AEP, BHI, BRO
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Symbol Cloud:   AA   AAPL   ADXS   ANV   APA   APC   AUY   BA   BAC   BBY   BHI   BMS   BRK.B   BRO   BTI   BZH   CA   CAK   CELG   CENX   COPX   CREE   CSCO   DAL   DFS   EBF   EEM   EQT   ETFC   FCX   FPRX   GDX   GDXJ   GG   GME   GS   GT   HGG   IBM   INTC   ISIS   ITB   IWM   JNJ   JPM   KALU   KIE   KLAC   KRE   LEN   LMNR   LODE   LPI   LUN.CA   LUV   M   MBT   MEIP   MHO   MHR   MSFT   MU   NEM   NFLX   NPSP   NRG   NRP   PBYI   PCYC   PPP   PRU.CA   QCOM   SBUX   SCOK   SCTO   SPY   TCK   UNH   UPL   VIAB   VLUE   WBAI   WFC   XLF   XLK   XOM   XON   XOP   ZIOP
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Weekly Market Wrap: November 16, 2012 | Market News Video | Copyright © 2008 - 2015, All Rights Reserved

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