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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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Wednesday 1/18 Insider Buying Report: CUBA, NWYWednesday 1/18 Insider Buying Report: CUBA, NWY
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Nasdaq 100 Movers: CSX, SWKSNasdaq 100 Movers: CSX, SWKS
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S&P 500 Movers: BMY, SWKSS&P 500 Movers: BMY, SWKS
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Dow Movers: GE, MRKDow Movers: GE, MRK
Related symbols: GE,MRK
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S&P 500 Analyst Moves: WDCS&P 500 Analyst Moves: WDC
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Friday Sector Laggards: Biotechnology, Aerospace & Defense StocksFriday Sector Laggards: Biotechnology, Aerospace & Defense Stocks
Related symbols: PSTI,PBYI,TDG,TGI
Friday Sector Leaders: Shipping, Agriculture & Farm ProductsFriday Sector Leaders: Shipping, Agriculture & Farm Products
Related symbols: NM,SBLK,UAN,CRESY
Thursday Sector Laggards: Music & Electronics Stores, Non-Precious Metals & Non-Metallic Mining StocksThursday Sector Laggards: Music & Electronics Stores, Non-Precious Metals & Non-Metallic Mining Stocks
Related symbols: RCII,CONN,ZEUS,AKS
Friday's ETF with Unusual Volume: KBWRFriday's ETF with Unusual Volume: KBWR
Related symbols: KBWR,TCB,FHN,WTFC,HBHC
Friday's ETF Movers: SOXX, XBIFriday's ETF Movers: SOXX, XBI
Related symbols: SWKS,CRUS,PBYI,SGYP,XBI,SOXX
XLP, DXJR: Big ETF OutflowsXLP, DXJR: Big ETF Outflows
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Daily Dividend Report: ED, WEC, SLB, TXN, DFSDaily Dividend Report: ED, WEC, SLB, TXN, DFS
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Daily Dividend Report: O, LLTC, FAST, NTRS, MTXDaily Dividend Report: O, LLTC, FAST, NTRS, MTX
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Fed Tapers Bond BuyingFed Tapers Bond Buying
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Symbol Cloud:   AAPL   AKS   ALDR   ALNY   APOG   AXP   BA   BABA   BIDU   CASC   CAT   CLB   CONN   CRESY   CSX   CUBA   DBO   DD   DFS   DLTR   ENG   F   FAST   FNSR   FOLD   FRC   FSLR   GDX   GDXJ   GME   GNK   GS   GWL   IDCC   IEFA   IEMG   ILMN   INCY   INFO   IYT   JPM   KRE   LABD   LEE   LGF.B   LNT   MET   MG   MHG   MNST   MRK   MSFT   NEM   NKE   NRG   NSC   NSRGY   NTRS   NVS   NWY   NXPI   PAA   PBYI   PG   PGLC   PIN   PSO   QCOM   RIG   RLY   SBLK   SCPB   SGMO   SGYP   SJR   SSW   SWKS   TECK   TEVA   TGI   UNH   WMB   WMT   X   XBI   XLE   XME   XPP   ZEUS
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Weekly Market Wrap December 14, 2012 | Market News Video | Copyright © 2008 - 2017, All Rights Reserved

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