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Weekly Market Wrap November 23, 2012
Friday, November 23, 1:37 PM ET

This forty seventh trading week of 2012 comes to a close with investors keeping a close eye on retailers as the holiday shopping season kicks off.

Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for November 23, 2012.

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

Crude oil futures are higher this week, trading around $88.36 per barrel on Friday afternoon.

Gold futures are lower this week, trading at $1747.97 an ounce in afternoon trading.

In notable economic news this week, the Commerce Department announced on Tuesday that housing starts increased by by 3.6 percent to a seasonally adjusted annual rate of 894,000 units, the highest level since July of 2008. Applications for building permit, meanwhile, dropped by 2.7 percent to 866,000, after jumping 12 percent in September to a four-year high. However, permit applications for single-family homes increased to their highest level since July 2008.

In corporate news, Lowe's (NYSE:LOW) announced that net income for the third quarter was higher by 76 percent due to higher revenue and lower charges. The company earned $396 million, or 35 cents per share, versus $225 million, or 18 cents per share, in the same period last year. Analysts had expected earnings of 36 cents per share. Revenue was higher by 2 percent to $12.07 billion from $11.85 billion, and analysts expected $11.93 billion.

Salesforce.com (NYSE:CRM), which provides cloud based software, announced that it earned 33 cents per share, beating analyst estimates by one cent. Revenue increased by 35% to $788 million, while analysts had expected $776.5 million. The company expects earnings of 38 to 40 cents per share for the current quarter on revenue of $825 million to $830 million. Analysts were expecting earnings of 40 cents on revenue of $828 million.

Best Buy (NASDAQ:BBBY) announced that it lost $10 million, or 3 cents per share, in its third fiscal quarter, versus a profit of $156 million, or 42 cents per share, in the same period lat year. Excluding items, the company earned three cents per share, while analysts had expected 13 cents per share. Revenue fell by four percent to $10.75 billion, matching expectations.

The Valspar Corporation (NYSE:VAL) announced that it earned $73.8 million, or 79 cents per shares in the fourth quarter, versus a loss of $295.7 million, or $3.18 per share, in the same period last year. Revenue was down by 2.2% to $1.02 billion, below estimates of $1.08 billion. For fiscal 2012, earnings were $3.28 per share, meeting estimates. Revenue increased by 2% to $4.02 billion.

Deere & Co. (NYSE:DE) announced that profit for the fiscal fourth quarter increased by 3% to $687.6 million, or $1.75 per share, versus $669.6 million, or $1.62 per share, in the same period last year. Sales increased by 14% to $9.79 billion. Analysts had expected the company to earn $1.88 per share, on sales of $8.93 billion. The company expects a fiscal 2013 profit of about $3.2 billion, slightly below analyst estimates of $3.26 billion.

This is the 'Weekly Market Wrap' for Friday November 23, 2012. Please join us on Monday for the 'Week Ahead Market Report.

For MarketNewsVideo.com, I'm Sayoko Murase.

Weekly Market Wrap November 23, 2012 picture
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Monday Sector Leaders: Trucking, Cigarettes & Tobacco StocksMonday Sector Leaders: Trucking, Cigarettes & Tobacco Stocks
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Friday Sector Leaders: Cigarettes & Tobacco, Precious MetalsFriday Sector Leaders: Cigarettes & Tobacco, Precious Metals
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Monday's ETF with Unusual Volume: ACWXMonday's ETF with Unusual Volume: ACWX
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Monday's ETF Movers: IYW, PINMonday's ETF Movers: IYW, PIN
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IEFA, SMH: Big ETF OutflowsIEFA, SMH: Big ETF Outflows
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Symbol Cloud:   AA   AAPL   AAXJ   AIG   AU   AXP   BAA   BAC   BLDR   BND   BRK.B   BTI   CALM   CLNE   COST   CRS   CTCM   CTXS   CVX   DAL   DISCA   EDU   ENZN   EQT   ESRX   EWJ   F   FAST   FOSL   GBDC   GBF   GDX   GDXJ   GE   GFI   GM   GNR   GOV   GWX   GXC   HD   HGSH   INCY   INFY   INTC   JPM   KALU   KIE   KING   KR   LFL   LNT   MCP   MET   MIDU   MRK   NADL   NFLX   NRG   NSC   O   PBR   PGX   PHDG   PIN   PPG   PRU.CA   RAI   RAVN   RBY   RRD   RYAAY   SAIC   SHW   SNDK   SPN   TCK   TFM   UNH   UPL   VGR   VTG   WFC   WLH   WMB   XLF   XOM   XOP   XXII
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Weekly Market Wrap November 23, 2012 | Market News Video | Copyright © 2008 - 2015, All Rights Reserved

Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners. In no way should any content contained herein be interpreted to represent trading or investment advice. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.