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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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Dow Analyst Moves: BADow Analyst Moves: BA
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Related symbols: GMAN,AEO,CP,CNI
Wednesday Sector Laggards: Transportation Services, Education & Training ServicesWednesday Sector Laggards: Transportation Services, Education & Training Services
Related symbols: HTZ,GLOG,EDMC,CHGG
Tuesday Sector Leaders: Real Estate, Home Furnishings & Improvement StocksTuesday Sector Leaders: Real Estate, Home Furnishings & Improvement Stocks
Related symbols: HGSH,CHLN,AMWD,HD
Wednesday's ETF with Unusual Volume: COPXWednesday's ETF with Unusual Volume: COPX
Related symbols: COPX,FCX,LUN.CA,FM.CA,III.CA
Wednesday's ETF Movers: XLI, IJTWednesday's ETF Movers: XLI, IJT
Related symbols: CMI,JEC,LZB,TASR,IJT,XLI
EZU, XOP: Big ETF OutflowsEZU, XOP: Big ETF Outflows
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Daily Dividend Report: FLS, VAL, JOY, IGT, SIX, VLYDaily Dividend Report: FLS, VAL, JOY, IGT, SIX, VLY
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Daily Dividend Report: MGEE, DGAS, GPS, GPC, DGX, CINF, FLDaily Dividend Report: MGEE, DGAS, GPS, GPC, DGX, CINF, FL
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Symbol Cloud:   AAP   AAPL   ACE   AEO   AMZN   ARO   BA   BAC   BRK.B   CHGG   CINF   CMI   CSCO   CWCO   DG   EDMC   EEM   EFX   EGHT   EGO   EL   EQIX   EXTR   FB   FCX   FDX   FEYE   FL   FST   GDX   GPC   GPL   GPS   HD   HTZ   IJT   INTC   ITMN   IWX   JCP   JEC   KMI   KNDI   KO   KRE   LO   LPI   LPX   M   MCF   MMM   MNST   NKE   NTAP   NXPI   ONTY   PBYI   PCN   PCP   PCQ   PDI   PEP   PRGO   PRU   PSA   PTY   R   ROST   RRGB   RYAAY   SIRI   SIX   SPLS   SPWH   T   TECH   THI   TJX   TRUE   UNH   UTX   VAL   VOXX   WFC   WMT   XLF   XLI   XLP   XOP
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Weekly Market Wrap December 14, 2012 | Market News Video | Copyright © 2008 - 2014, All Rights Reserved

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