This holiday shortened fifty second and last full trading week of 2012 comes to a close with investors fretting that a fall off the cliff is inevitable and that the impact of the fall will be severe and far reaching.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for December 28, 2012.
The Dow Jones Industrial Average, the S&P 500, and the Nasdaq were lower for the week.
Crude oil futures are higher this week, trading around $90.86 per barrel on Friday afternoon.
Gold futures are higher this week, trading at $1653.93 an ounce in afternoon trading.
In notable economic news this week, prices for single-family homes rose in October for the ninth month a rom, nine months in a row. The S&P/Case Shiller composite index gained 0.7 percent in October on a seasonally adjusted basis. Economists had expected a 0.5 percent rise. Increasing home prices should mean that a stronger housing market will bolster the economy in 2013.
In corporate news this week, Steinway Musical Instruments (LVB) announced on Wednesday that it was no longer putting itself up for sale. The company has struggled to keep margins competitive despite stagnant sales. The company has been implementing cost cutting moves during the last few quarters, and financial results last month started to show signs that the cost cutting moves were paying off.
Marvell Technology Group (MVL) was found guilty was infringing two Carnegie Mellon University patents on Wednesday, and was ordered to pay $1.7 billion in damages. Making matters worse for the company, jurors found the infringement to be willful, thus enabling the trial judge to award triple damages, whose total would be close to Marvell's $3.96 billion market value.The patents in questions were used in hard drive circuits to read data from high-speed disks.
Toyota (NYSE:TM) agreed to settled a lawsuit in connection with sudden accelerations in its vehicles, which caused accidents and injuries. The company will pay more than $1 billion as part of its settlement.
MagicJack (CALL) announced that it expects revenue in the fourth quarter to exceed estimates. The company expects quarterly sales to exceed $39 million, beating estimates of $38.85 million. The company is benefiting from a mobile app, and also announced a settlement of disputes with Verizon (NYSE:VZ).
This is the 'Weekly Market Wrap' for Friday December 21, 2012. Please join us on Monday for the 'Week Ahead Market Report.
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