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Weekly Market Wrap December 14, 2012
Friday, December 14, 4:53 PM ET

This fiftieth trading week of 2012 comes to a close with investors continuing to hope that the President and Congress will soon reach a deal to avoid the "fiscal cliff"

Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for December 14, 2012.

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

Crude oil futures are higher this week, trading around $86.75 per barrel on Friday afternoon.

Gold futures are lower this week, trading at $1696.68 an ounce in afternoon trading.

In notable economic news this week, the Labor Department announced that the seasonally adjusted producer price index dropped by 0.8 percent last month, the second straight decline. Also, the Commerce Department announced that the trade deficit grew 4.8 percent in October from September to $42.2 billion. Exports dropped by 3.6 percent to $180.5 billion. Imports dropped by 2.1 percent to $222.8 billion, reflecting fewer shipments of autos, machinery, and cell phones.

In corporate news this week, Costco (NASDAQ:COST) announced that earnings for the first quarter increased by 30 percent due to better sales and increased membership revenues. The company earned $416 million, or 95 cents per share, versus $320 million, or 73 cents per share in the same period last year, including 7 cents per share of one time charges. Earning beat expectations of 93 cents per share. Revenue increased by 10 percent to $23.72 billion from $21.63 billion, beating expectations of $23.54 billion.

Joy Global (NYSE:JOY) announced that earnings increased by 23 percent in the fourth quarter, though it expects lower volumes in 2013 due to weaker demand from China. The company earned $212.6 million, or $1.99 per share, versus $172.3 million, or $1.62 per share. Analysts had expected earnings of $1.87 per share. Revenue increased by 19 percent to $1.59 billion. Analysts had expected revenue of $1.42 billion.

Adobe (NASDAQ:ADBE) announced that it earned $222.3 million, or 44 cents per share, for the most recent fiscal quarter, versus $173.7 million, or 35 cents per share in the same period last year. Revenue was flat at $1.15 billion. For the entire fiscal year, the company earned $832.8 million, or $1.68 per share, which was also flat versus last year. Revenue increased to $4.4 billion from $4.22 billion.

Verifone (NYSE:PAY) announced that it earned $27 million, or 24 cents per share, versus $199 million, or $1.84 per share during the same period last year. Revenue was $485.4 million versus $410.7 million last year. Excluding one time items, the company would have earned 76 cents per share on revenue of $489 million. Analysts had expected 76 cents per share on $496.7 million in revenue.

American International Group (NYSE:AIG) announced that the U.S. Department of the Treasury priced an offering of approximately 234.2 million shares of AIG common stock at a price to market of $32.50 per share. Upon the closing of this transaction, the Treasury will have sold the last of its remaining shares of AIG common stock, receiving proceeds of approximately $7.6 billion from the sale.

This is the 'Weekly Market Wrap' for Friday December 14, 2012. Please join us on Monday for the 'Week Ahead Market Report.

For MarketNewsVideo.com, I'm Sayoko Murase.

Weekly Market Wrap December 14, 2012 picture
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Friday 4/29 Insider Buying Report: CAT, EATFriday 4/29 Insider Buying Report: CAT, EAT
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Thursday 4/28 Insider Buying Report: MGP, ACTGThursday 4/28 Insider Buying Report: MGP, ACTG
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Dow Analyst Moves: UNHDow Analyst Moves: UNH
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Monday Sector Laggards: Rental, Leasing, & Royalty, Shipping StocksMonday Sector Laggards: Rental, Leasing, & Royalty, Shipping Stocks
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Monday Sector Leaders: Advertising, Entertainment StocksMonday Sector Leaders: Advertising, Entertainment Stocks
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Related symbols: GRPN,HHS,SDT,SDR
Monday's ETF with Unusual Volume: JXIMonday's ETF with Unusual Volume: JXI
Related symbols: JXI,NRG,PPL,CPL
Monday's ETF Movers: RWR, GDXMonday's ETF Movers: RWR, GDX
Related symbols: FCE.A,TIER,AG,AUY,GDX,RWR
EWG, GURU: Big ETF OutflowsEWG, GURU: Big ETF Outflows
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Daily Dividend Report: LLY, HOG, SMG, SJI, NP, BMIDaily Dividend Report: LLY, HOG, SMG, SJI, NP, BMI
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Symbol Cloud:   AA   AAL   AAPL   ABG   AKG   ANGI   ARGT   AUY   AWK   AXP   BA   BIDU   BMI   BZH   CAT   CIG   CLF   CPL   CTXS   CUBE   CVTI   DAL   DD   DNR   DRYS   DUST   DXJT   ENB   ENDP   ETH   EXC   GDX   GDXJ   GILD   GM   GNK   HGG   IBM   ICLN   INC   KEP   KO   LAD   LGCY   LH   LKQ   MAT   MCK   MET   MMAC   MMM   MNST   MSFT   MTH   NKE   NLSN   NRG   NTGR   PFF   PNRA   PPL   PRGO   PXD   QCOM   RWX   SAH   SDR   SGMO   SMG   SPY   SRCL   SRPT   SUN   SVM.CA   SWN   TCS   THM   TLT   TRV   UNH   UTX   VZ   WMT   XLNX   XME   XOM   XOP   XRX   YRCW
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Weekly Market Wrap December 14, 2012 | Market News Video | Copyright © 2008 - 2016, 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.