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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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Monday Sector Laggards: Textiles, Paper & Forest ProductsMonday Sector Laggards: Textiles, Paper & Forest Products
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Friday Sector Leaders: Music & Electronics Stores, Asset Management StocksFriday Sector Leaders: Music & Electronics Stores, Asset Management Stocks
Related symbols: RSH,HGG,JNS,LM
Monday's ETF with Unusual Volume: FXNMonday's ETF with Unusual Volume: FXN
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Monday's ETF Movers: XOP, ILFMonday's ETF Movers: XOP, ILF
Related symbols: ATHL,LPI,PBR.A,BBD,ILF,XOP
EWU, UVXY: Big ETF OutflowsEWU, UVXY: Big ETF Outflows
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Daily Dividend Report: CLC, AYI, MORN, ARP, QREDaily Dividend Report: CLC, AYI, MORN, ARP, QRE
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Symbol Cloud:   AAPL   ACOR   AMZN   ANR   APD   ARG   ARGT   ATHL   AWK   AXP   AXX   AYI   BAA.CA   BABA   BAC   BBBY   BBD   BBRY   BEN   BHI   BTU   CHH   CHK   CHL   CPB   CVS   CVX   DD   DISCA   DZK   EQIX   EWU   FSIC   FVE   GDXJ   GMAN   GRO   GSS   HD   HGG   IBOC   IJH   ILF   INTC   IRM   JNS   KBH   KMX   LMT   LNN   LPI   MAS   MCP   MORN   MSFT   MT   MTL   MU   MYY   NKE   NQ   ORCL   PBR.A   QRE   RBY   RSH   RSX   SCOK   SIAL   SKH   SMC.CA   SPY   T   TEX   TRMR   TSL   UNH   URI   UVV   UXI   UYM   VIP   VWO   WSM   XHB   XLB   XME   XOM   YHOO
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Weekly Market Wrap December 14, 2012 | Market News Video | Copyright © 2008 - 2014, All Rights Reserved

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