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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 Sector Leaders: Apparel Stores, Department StoresFriday Sector Leaders: Apparel Stores, Department Stores
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Thursday Sector Laggards: Metals & Mining, Precious MetalsThursday Sector Laggards: Metals & Mining, Precious Metals
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Friday's ETF with Unusual Volume: VFHFriday's ETF with Unusual Volume: VFH
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Friday's ETF Movers: XPH, GDXJFriday's ETF Movers: XPH, GDXJ
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Symbol Cloud:   AA   AAPL   ACHC   ADBE   AG   ALXN   AMPH   APA   BAC   BBBY   BMRN   BRK.B   CAT   CHK   CIE   DD   DEI   EDU   ENDP   ESRX   EWC   EXEL   FCX   FH   FLN   FSLR   GDX   GDXJ   GE   GNR   HMY   IDCC   IHF   INCY   INTC   IWM   JNJ   JPM   KBWP   KR   LEN   LINC   LVLT   MAR   MAS   MFD   MMM   MSFT   MSTX   NFLX   NRG   NTES   NUE   NVAX   NXPI   PBR   PBYI   PFE   PGR   PGX   PPP   PRTS   PTI   QHC   QSR   RCL   RGLD   SALT   SBLK   SIRI   SOCL   SRCL   SRPT   TCK   TGI   TJX   UXI   VGK   VIAB   VWO   WDC   WFC   WNR   XBI   XLF   XLK   XME   XOP   XPP
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Weekly Market Wrap December 14, 2012 | Market News Video | Copyright © 2008 - 2016, All Rights Reserved

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