This forty fifth trading week of 2012 comes to a close with investors assessing how a second term for President Obama will affect the economy.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for November 9, 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 $86.26 per barrel on Friday afternoon.
Gold futures are higher this week, trading at $1,731.67 an ounce in afternoon trading.
In notable economic news this week, Commerce Department announced that total wholesale inventories were higher by 1.1 percent to $494.2 billion.
In corporate news, Sysco (SYY) announced that earnings fell for the first quarter of its 2013 fiscal year even though sales increased. The company earned $286.6 million, or 49 cents per share, down by 5.3 percent, from $302.6 million, or 51 cents per share, in the same period last year. Analysts had expected earnings of 50 cents per share. Sales were higher by 4.7 percent to $11.1 billion.
Humana (HUM) announced that earnings for the third quarter were were by about 2% versus the same quarter last year to $2.62 per share, beating expectations of $2.05 per share. Revenue increased by 3.8% to $9.65 billion, lower than the $9.86 billion that analysts had estimated.
Macy's (M) announced that net income increased by 4.3 percent in the third quarter. The company earned $145 million, or 36 cents per share, versus $138 million, or 32 cents per share, in the same period last year. Revenue increased by 3.7 percent to $6.07 billion. Analysts had expected earnings of 29 cents per share and revenue of $6.07 billion.
Goodrich Petroleum (GDP) announced that net income fell by 10 percent to $10.9 million, or 30 cents per share, from $12.1 million, or 33 cents per share, a year ago for the quarter that ended on September 30. Revenue was lower by 17 percent to $46.0 million, below expectations of $65 million.
Staffing company Kelly Services (KELB) announced that profit and revenue dropped during the third quarter as weak economic conditions and a tough job market persisted. Net income was $16.6 million, or 43 cents per share, versus $197 million, or 52 cents per share, in the same period last year. Revenue was lower by 4 percent to $1.35 billion.
This is the 'Weekly Market Wrap' for Friday November 9, 2012. Please join us on Monday for the 'Week Ahead Market Report.
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