This forty fourth trading week of 2012 comes to a close with investors focusing on the impact of Hurricane Sandy on the domestic economy.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for November 2, 2012.
The Dow Jones Industrial Average, the S&P 500, and the Nasdaq were all higher for the week.
Crude oil futures are lower this week, trading around $85.25 per barrel on Friday afternoon.
Gold futures are lower this week, trading at $1,677.91 an ounce in afternoon trading.
In notable economic news this week, the Labor Department reported higher than expected job growth in October with 171,000 jobs added, despite the unemployment rate ticking higher to 7.9%.
In corporate news, Apple (NASDAQ:AAPL) announced two major management changes -- John Browett, head of retail, and Scott Forstall, mobile software developer, will be leaving the company early next year.
Kellogg (NYSE:K) announced third quarter earnings climbed to $296 million, or 82 enters per share on revenue of $3.72 billion. Revenue increased by 12%, topping analyst estimates. The company noted that its Pringles acquisition earlier in the year added to earnings and catapulted Kellogg into second place in the salty snack food market behind PepsiCo.
Disney (NYSE:DIS) agreed to purchase Lucasfilm in a deal worth $4.05 billion in cash and stock. Disney will acquire the 'Star Wars' franchise, including films and consumer products, as well as post-production assets. Disney is issuing approximately 40 million new shares as part of the deal.
And PVH (NYSE:PVH) announced it had agreed to acquire The Warnaco Group (WRC) in a deal with approximately $2.9 billion. PVH is paying a 34% premium for Warnaco based on Friday's closing price. Once combined, the new company will be one of the world's largest clothing companies with brands such as Calvin Klein, Tommy Hilfiger and Speedo.
This is the 'Weekly Market Wrap' for Friday November 2, 2012. Please join us on Monday for the 'Week Ahead Market Report.
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