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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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Symbol Cloud:   AAPL   ABI   ABT   ACT   AON   AUMN   BAC   BANR   BBT   BIDU   BPOP   C   CAG   CMG   D   DHR   EEM   EMC   ENSG   EQIX   ETN   EXEL   EXTR   FDI   FEYE   FSL   GDX   GDXJ   GE   GLW   GOL   GORO   GPK   GS   HLS   HSBC   IJH   INTC   ISRG   IYG   JNJ   JNPR   JPM   KO   KRE   KS   LCI   LGND   LO   MCD   MMC   MRTN   MSFT   MUX   NKE   NVDA   O   ONTY   PBYI   PDI   PEP   PFE   PLUG   PRU.CA   PSR   QCOM   RYAAY   SJM   SKX   SLB   SMIN   SNDK   SO   SOXX   SPG   SPLV   SPY   SYK   TGD   TWX   UA   V   XBI   XGTI   XLE   XLK   XLNX   XOM   YHOO
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Weekly Market Wrap November 23, 2012 | Market News Video | Copyright © 2008 - 2014, All Rights Reserved

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