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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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Tuesday Sector Leaders: Biotechnology, Metals Fabrication & ProductsTuesday Sector Leaders: Biotechnology, Metals Fabrication & Products
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Tuesday Sector Laggards: Shipping, Rubber & PlasticsTuesday Sector Laggards: Shipping, Rubber & Plastics
Related symbols: DSX,SSW,EMN,CXDC
Monday Sector Leaders: Electric Utilities, Department StoresMonday Sector Leaders: Electric Utilities, Department Stores
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Tuesday's ETF with Unusual Volume: VDCTuesday's ETF with Unusual Volume: VDC
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Tuesday's ETF Movers: IYZ, GDXJTuesday's ETF Movers: IYZ, GDXJ
Related symbols: FTR,WIN,BCM.CA,PRU.CA,GDXJ,IYZ
TLT, FKO: Big ETF OutflowsTLT, FKO: Big ETF Outflows
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Daily Dividend Report: IBM, EXC, WYNN, ENR, CLF, VLO, CR, DKDaily Dividend Report: IBM, EXC, WYNN, ENR, CLF, VLO, CR, DK
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Daily Dividend Report: K, WWE, AMGN, ETR, AVY, RBCDaily Dividend Report: K, WWE, AMGN, ETR, AVY, RBC
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Symbol Cloud:   AA   AAPL   ABI   ABT   ACRX   ACT   ALL   AMZN   AWI   AXP   BAC   BANR   BAX   BBT   BCM.CA   BIDU   BPOP   CCE   CG.CA   CLB   CLF   CMCSA   CMG   CMI   CPN   D   DAL   DLTR   DYN   EQIX   EXTR   F   FB   FDO   FEYE   FSL   GDXJ   GE   GLW   GORO   GPK   GS   HAL   HLF   HON   IJH   INTC   ISRG   IYJ   IYZ   JNJ   JNPR   K   KO   KS   MMC   MMM   MRTN   MXIM   NKE   PBYI   PEP   PFE   PLUG   PPP   PRU.CA   RAD   RYAAY   SIRI   SKX   SO   SPG   SPLV   SSD   SYK   T   TLT   TWC   TWI   UA   V   VEA   VIP   WIN   WYNN   XBI   XGTI   XLNX   XOM
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Weekly Market Wrap December 14, 2012 | Market News Video | Copyright © 2008 - 2014, All Rights Reserved

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