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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
Friday 8/29 Insider Buying Report: PFLTFriday 8/29 Insider Buying Report: PFLT
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Friday 8/29 Insider Buying Report: OFS, SREVFriday 8/29 Insider Buying Report: OFS, SREV
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Nasdaq 100 Movers: WYNN, AVGONasdaq 100 Movers: WYNN, AVGO
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Dow Movers: UTX, INTCDow Movers: UTX, INTC
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S&P 500 Analyst Moves: COFS&P 500 Analyst Moves: COF
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Dow Analyst Moves: CVXDow Analyst Moves: CVX
Related symbols: CVX
S&P 500 Analyst Moves: GDS&P 500 Analyst Moves: GD
Related symbols: GD
Friday Sector Leaders: Music & Electronics Stores, Information Technology ServicesFriday Sector Leaders: Music & Electronics Stores, Information Technology Services
Related symbols: RSH,CONN,RALY,SPLK
Friday Sector Laggards: Shipping, Department StoresFriday Sector Laggards: Shipping, Department Stores
Related symbols: FRO,NM,FRED,BIG
Thursday Sector Leaders: Music & Electronics Stores, Rental, Leasing, & Royalty StocksThursday Sector Leaders: Music & Electronics Stores, Rental, Leasing, & Royalty Stocks
Related symbols: RSH,BBY,ECT,SJT
Friday's ETF with Unusual Volume: IXNFriday's ETF with Unusual Volume: IXN
Related symbols: IXN,AAPL,INTC,AVGO,PAYX
Friday's ETF Movers: XBI, PIZFriday's ETF Movers: XBI, PIZ
Related symbols: UTHR,ARWR,IHG,GRF,PIZ,XBI
EWJ, UGE: Big ETF OutflowsEWJ, UGE: Big ETF Outflows
Related symbols: EWJ,UGE,ATVI,MO
Daily Dividend Report: EIX, RRC, LRCX, LINE, LNCO, PKG, BIG, BWSDaily Dividend Report: EIX, RRC, LRCX, LINE, LNCO, PKG, BIG, BWS
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Daily Dividend Report: TD, HUM, ROC, WR, CBL, PPS, OFGDaily Dividend Report: TD, HUM, ROC, WR, CBL, PPS, OFG
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Daily Dividend Report: BBY, SLH, CSCO, DE, BDC, GEFDaily Dividend Report: BBY, SLH, CSCO, DE, BDC, GEF
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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
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Symbol Cloud:   AAPL   ADXS   AGRO   AIG   ANF   ARG   ARWR   AVGO   BA   BAC   BBY   BIG   BRCD   CRESY   CRM   CSCO   DSW   ECT   GCO   GDX   GE   GILD   GK   GMAN   GMCR   GME   GRO   GXC   HD   HGSH   HUM   IGV   INTC   INTU   IPAC   ISIS   ITMN   JCP   JOY   JUNR   JWN   KIE   KIN   LNCO   LOW   MCP   MLM   MO   MTB   NEE   NOC   NYRT   PETM   PPL   PSP   PVA   RF   RGLD   RIG   RSH   SANW   SCCO   SCOK   SDS   SE   SJI   SLH   SPLK   SPLS   SPN   SPW   STRP   SYY   TIF   TLT   TRIP   UGE   UNH   UNP   V   VXF   WM   WMB   WMT   WUBA   XBI   XLU   XOM   ZMH
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Weekly Market Wrap: February 8, 2013 | Market News Video | Copyright © 2008 - 2014, All Rights Reserved

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