This eighth trading week of 2013 comes to a close with investors sending stocks higher after two days of losses after an announcement by the Federal Reserve that stimulus measures may soon be halted.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for February 22, 2013.
The S&P 500 and the Nasdaq were lower for the week in afternoon trading on Friday, while the Dow Jones Industrial Average was little changed.
Crude oil futures are lower this week, trading around $92.99 per barrel on Friday afternoon.
Gold futures are lower this week, trading at $1576.08 an ounce in afternoon trading.
In notable economic news this week, the Bureau of Labor Statistics announced that consumer prices was unchanged for the second consecutive month in January due to falling gasoline prices and stable food prices. For the twelve months through January, consumer prices increased by 1.6 percent.
In corporate news this week, Toll Brothers (NYSE:TOL) announced that it earned $4.4 million, or 3 cents per share, during its first fiscal quarter, versus a loss of $2.8 million, or two cents per share, in the same quarter last year. Revenue increased by 32 percent to $424.6 million from $322 million. The number of homes delivered increased by 32 percent to 746 units, while the average price per home fell by one percent from $571,000 to $569,000.
Wal-Mart (NYSE:WMT) announced that it earned $5.6 billion, or $1.67 per share for the most recent fiscal quarter, up from $5.16 billion, or $1.50 per share, in the same period last year. Net sales were higher by 3.9 percent to $127.1 billion. Analysts had expected earnings of $1.57 per share and sales of $127.8 billion.
Dana Holding (NYSE:DAN), an auto parts supplier, announced that earnings increased by 24 percent to $88 million, or 41 cents per share during the fourth quarter, versus $71 million, or 33 cents per share in the same period last year. Revenue dropped by 15 percent to $1.6 billion.
Hewlett Packard (NYSE:HPQ) announced that it earned $1.2 billion, or 63 cents per share. Though it was lower than the $1.5 billion it earned in the same period last year, results beat estimates of 47 cents per share. Revenue was $28.4 billion, down 6 percent, though cash flow from operations was up by 115 percent to $2.6 billion.
Office Depot (NYSE:ODP) and Office Max (OMX) confirmed a merger today which had been rumored for some time. The combined company would have reportedly have had a revenue of $18 billion in 2012.
This is the 'Weekly Market Wrap' for Friday February 22, 2013. Please join us on Monday for the 'Week Ahead Market Report.
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