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Weekly Market Wrap: February 8, 2013
Friday, February 8, 3:58 PM ET

This sixth trading week of 2013 comes to a close with gas prices pushed to a 2013 high as Winter Storm Nemo finds the Northeast, threatening the region with record snowfall and power outages.

Hi. I'm Kristin Bianco. Welcome to the 'Weekly Market Wrap' for February 8, 2013.

The Dow Jones Industrial Average and the S&P 500 were lower for the week on Friday afternoon, and the Nasdaq was higher.

Crude oil futures are lower this week, trading around $95.70 per barrel on Friday afternoon.

Gold futures are slightly little changed this week, trading at $1666.41 an ounce in afternoon trading.

In notable economic news this week, the Labor Department announced that first-time jobless benefits claims fell by 5,000 to 366,000 this past week. Initial claims for unemployment benefits dropped to 366,000 from 371,000. The four-week rolling average for the week fell 2,250 to 350,500.

In corporate news this week, Oracle (NYSE:ORCL) announced that it will purchase networking equipment vendor Acme Packet (APKT) for $2.1 billion, or $1.7 billion net of cash. The purchase price represents a premium of 22% to the stock's closing price on Friday. Oracle believes that the merger will accelerate a migration to all-IP networks, and will allow the software company to provide customers with a broader range of services.

Archer Daniels Midland (NYSE:ADM) announced that it earned $510 million or 77 cents per share during the most recent fiscal quarter, up from $80 million, or 12 cents per share during the same period last year when it was undergoing a restructuring. Excluding certain items, earnings were 60 cents per share versus 51 cents in the same period last year.

Kellogg (NYSE:K) announced that it lost $32 million, or 9 cents per share, versus $195 million, or 54 cents per share, during the same period last year. Not counting a mark to market accounting change, the company earned 65 cents per share, down from 71 cents a year ago. Revenue increased to $3.56 billion from $3.02 billion. The company reiterated its 2013 outlook, saying it expects earnings growth of 5 to 7 percent and sales growth of 7 percent.

Sprint (NYSE:S) announced that it lost $1.3 billion during the fourth quarter, roughly the same as the same period last year. The loss amounted to 44 cents per share versus 43 cents per share a year earlier. Analysts had expected a loss of 46 cents per share. Revenue was $9 billion, 3.2 percent higher than a year ago, and beating expectations of $8.9 billion. The increase was attributed to customers switching to higher paying smartphone plans.

Professional social network LinkedIn (NYSE:LNKD) announced that profit increased by 66% to $11.5 million, or 10 cents per share, up from $6.9 million, or 6 cents per share, during the same period a year earlier. Revenue increased to $303.6 million from $167.7 million. The company forecast that sales during the first quarter should be between $305 million and $310 million.

This is the 'Weekly Market Wrap' for Friday February 8, 2013. Please join us on Monday for the 'Week Ahead Market Report.

For MarketNewsVideo.com, I'm Kristin Bianco.

Weekly Market Wrap: February 8, 2013 picture
Wednesday 7/26 Insider Buying Report: ELS, HOMBWednesday 7/26 Insider Buying Report: ELS, HOMB
Related symbols: ELS,HOMB
Tuesday 7/25 Insider Buying Report: CSX, RLITuesday 7/25 Insider Buying Report: CSX, RLI
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S&P 500 Analyst Moves: MASS&P 500 Analyst Moves: MAS
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Wednesday Sector Laggards: Hospital & Medical Practitioners, Rubber & PlasticsWednesday Sector Laggards: Hospital & Medical Practitioners, Rubber & Plastics
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Wednesday Sector Leaders: Oil & Gas Exploration & Production, Sporting Goods & ActivitiesWednesday Sector Leaders: Oil & Gas Exploration & Production, Sporting Goods & Activities
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Tuesday Sector Laggards: Computer Peripherals, Hospital & Medical PractitionersTuesday Sector Laggards: Computer Peripherals, Hospital & Medical Practitioners
Related symbols: STX,LOGI,CYH,THC
Wednesday's ETF with Unusual Volume: AIRRWednesday's ETF with Unusual Volume: AIRR
Related symbols: AIRR,HBAN,WNC,MSFG
Wednesday's ETF Movers: XOP, IHIWednesday's ETF Movers: XOP, IHI
Related symbols: DNR,OAS,IART,TMO,IHI,XOP
SLV, EVX: Big ETF OutflowsSLV, EVX: Big ETF Outflows
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Daily Dividend Report: BBT, CMA, HXL, IBM, WPZ, ETN, EXCDaily Dividend Report: BBT, CMA, HXL, IBM, WPZ, ETN, EXC
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Daily Dividend Report: STT, SWKS, MXIM, ZION, KO, INTCDaily Dividend Report: STT, SWKS, MXIM, ZION, KO, INTC
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Daily Dividend Report: C, PPG, SWK, MMP, CAG, SJM, WST, TXN, BLK, KMIDaily Dividend Report: C, PPG, SWK, MMP, CAG, SJM, WST, TXN, BLK, KMI
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Symbol Cloud:   AAPL   ADS   AES   AGN   AIRR   AKAM   AMD   AXP   BA   BLK   CAT   CENX   CFG   CGI   CHL   CIT   CNK   CRESY   CRS   CSCO   CSX   CTAS   DD   DNR   ELS   EOG   ERN   ESRX   EXEL   FCX   FOSL   FXZ   GCO   GDX   GE   HAL   HAS   HBAN   HD   IAT   IBM   INTC   IONS   IWM   JNJ   KITE   KMI   KO   MAS   MMAC   MSFG   MXIM   NFLX   NKE   NLY   NRG   NSRGY   NTES   NTRS   OAS   OIH   PBYI   PD.CA   PEP   PGX   PTH   RSO   SHW   SLCA   SLV   STX   SUPV   SWK   THM   TMQ   TSLA   UNH   V   VET   VOXX   VRTX   VWO   WM   WPZ   WST   WYNN   XBI   XME   XRX
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Weekly Market Wrap: February 8, 2013 | Market News Video | Copyright © 2008 - 2017, All Rights Reserved

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