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Weekly Market Wrap: December 21 2012
Friday, December 21, 5:25 PM ET

This fifty first week of 2012 comes to a close with investors fretting that a fall off the cliff is becoming a more likely possibility.

Hi. I'm Kristin Bianco. Welcome to the 'Weekly Market Wrap' for December 21, 2012.

The Dow Jones Industrial Average, the S&P 500, and the Nasdaq were higher for the week.

Crude oil futures are higher this week, trading around $88.72 per barrel on Friday afternoon.

Gold futures are lower this week, trading at $1656.98 an ounce in afternoon trading.

In notable economic news this week, the number of Americans filing first-time claims for unemployment insurance payments rose for the first time in five weeks. According to the Labor Department, applications for jobless benefits increased by 17,000 to 361,000 for the week ended December 15. Economists had forecast 360,000 claims. According to Commerce Department, GDP figures showed that the U.S. economy grew at a 3.1 percent annual rate in the third quarter, up from earlier estimates of 2.7% and 2%.

In corporate news this week, investment bank Jefferies (JEF) announced that it earned a higher profit during the fiscal fourth quarter, bolstered by its fixed income unit. The company earned $72 million, or 31 cents per share during the quarter, versus $48 million, or 21 cents per share, in the same period last year.

Nucor (NYSE:NUE) announced that it was lowering earnings expectations to between 25 and 30 cents per share, down from the 35 cents per share in the third quarter and 43 cents per share in the fourth quarter of 2011.

General Mills (NYSE:GIS) announced that it earned $541.6 million, or 82 cents a share, up from $444.8 million, or 67 cents a share, in the same period last year. Excluding mark-to-market effects, the company earned 86 cents per share. Revenue increased by 5.6% to $4.88 billion.

CarMax (NYSE:KMX) announced third quarter earnings that beat analyst estimates on Thursday. Earnings per share are the used car company increased by 14% to 41 cents, or $345.2 million, beating estimates by 2 cents. Revenue increased by 15% to $2.6 billion, beating estimates of $2.47 billion. Auto sales last month were up 5.4% versus the same month last year.

Walgreen (WAG) announced that profit for the fiscal first quarter fell to $413 million, or 43 cents per share, from $554 million, or 63 cents per share, versus the same period last year. Revenue fell by 4.6% to $17.32 billion from $18.16 billion. Brand-to-generic prescription conversions led to $883 million lower sales. Analysts had expected the company to earn 70 cents a share on sales of $17.43 billion.

This is the 'Weekly Market Wrap' for Friday December 21, 2012. Please join us on Monday for the 'Week Ahead Market Report.

For MarketNewsVideo.com, I'm Kristin Bianco.

Weekly Market Wrap: December 21 2012 picture
Friday 2/27 Insider Buying Report: KOFriday 2/27 Insider Buying Report: KO
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Thursday 2/26 Insider Buying Report: DD, MRCThursday 2/26 Insider Buying Report: DD, MRC
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Wednesday 2/25 Insider Buying Report: NS, TRUEWednesday 2/25 Insider Buying Report: NS, TRUE
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Dow Movers: AXP, KODow Movers: AXP, KO
Related symbols: AXP,KO
Nasdaq 100 Movers: SPLS, MNSTNasdaq 100 Movers: SPLS, MNST
Related symbols: SPLS,MNST
S&P 500 Movers: XEC, MNSTS&P 500 Movers: XEC, MNST
Related symbols: XEC,MNST
S&P 500 Analyst Moves: COFS&P 500 Analyst Moves: COF
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Dow Analyst Moves: CATDow Analyst Moves: CAT
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S&P 500 Analyst Moves: TSCOS&P 500 Analyst Moves: TSCO
Related symbols: TSCO
Friday Sector Laggards: Consumer Services, Biotechnology StocksFriday Sector Laggards: Consumer Services, Biotechnology Stocks
Related symbols: WTW,ASCMA,ATRA,IBIO
Friday Sector Leaders: Precious Metals, Apparel StoresFriday Sector Leaders: Precious Metals, Apparel Stores
Related symbols: PZG,PAL,ROST,BOOT
Thursday Sector Laggards: Oil & Gas Exploration & Production, Rental, Leasing, & Royalty StocksThursday Sector Laggards: Oil & Gas Exploration & Production, Rental, Leasing, & Royalty Stocks
Related symbols: CWEI,HERO,BPT,HGT
Friday's ETF with Unusual Volume: IYLDFriday's ETF with Unusual Volume: IYLD
Related symbols: IYLD,GE,PFE,WMC,JMI
Friday's ETF Movers: GDX, XBIFriday's ETF Movers: GDX, XBI
Related symbols: CDE,BVN,PRTA,INFI,XBI,GDX
XHB, CHII: Big ETF OutflowsXHB, CHII: Big ETF Outflows
Related symbols: XHB,CHII,SPF,RYL,HOLI
Daily Dividend Report: MJN, ROST, GPS, WYN, DLR, ECL, PPLDaily Dividend Report: MJN, ROST, GPS, WYN, DLR, ECL, PPL
Related symbols: MJN,ROST,GPS,WYN,DLR,ECL,PPL
Daily Dividend Report: TD, CM, CB, PLD, KSS, ESS, TMO, ACE, CIDaily Dividend Report: TD, CM, CB, PLD, KSS, ESS, TMO, ACE, CI
Related symbols: TD,CM,CB,PLD,KSS,ESS,TMO,ACE,CI
Daily Dividend Report: HD, CMCSA, BMO, CTL, UFS, MLIDaily Dividend Report: HD, CMCSA, BMO, CTL, UFS, MLI
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Fed Tapers Bond BuyingFed Tapers Bond Buying
Nonfarm payroll Employment Up 175,000 in FebruaryNonfarm payroll Employment Up 175,000 in February
Initial Claims Decrease, Productivity 1.8% Annual Rate Increase in Q4Initial Claims Decrease, Productivity 1.8% Annual Rate Increase in Q4
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Symbol Cloud:   AAPL   ABBV   ABX   ACE   AG   ALTS   APA   AVGO   AXP   BA   BAC   BMS   BND   BRK.B   CHII   CIE   CLDX   CMCSA   CRESY   CVI   CVX   CWEI   DAL   DD   DISCA   DKS   DLR   DNKN   DNR   EOG   ERY   EURL   EXPD   FDL   FILL   FSLR   GDX   GDXJ   GE   GNR   GRO   HD   HII   HST   HUM   IBIO   ICF   IDCC   IRM   ISIS   IWM   JQC   KO   LBMH   LINC   LO   MNST   MTB   MU   NBG   NFX   NKE   PAL   PCLN   PIN   PPL   PRU.CA   PVA   RIGL   ROST   RSX   RYAAY   SGEN   SHYG   SPLS   STT   T   TREX   UNH   UNP   VAL   VGK   VIP   VTR   WBAI   WFC   WTW   XHB   XLF
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Weekly Market Wrap: December 21 2012 | Market News Video | Copyright © 2008 - 2015, All Rights Reserved

Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners. In no way should any content contained herein be interpreted to represent trading or investment advice. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.