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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 11/21 Insider Buying Report: SEE, MGPIFriday 11/21 Insider Buying Report: SEE, MGPI
Related symbols: SEE,MGPI
Thursday 11/20 Insider Buying Report: PAHThursday 11/20 Insider Buying Report: PAH
Related symbols: PAH
Wednesday 11/19 Insider Buying Report: APD, MLMWednesday 11/19 Insider Buying Report: APD, MLM
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S&P 500 Movers: GME, ROSTS&P 500 Movers: GME, ROST
Related symbols: GME,ROST
Nasdaq 100 Movers: VRTX, ADSKNasdaq 100 Movers: VRTX, ADSK
Related symbols: VRTX,ADSK
Dow Movers: VZ, CATDow Movers: VZ, CAT
Related symbols: VZ,CAT
S&P 500 Analyst Moves: XLS&P 500 Analyst Moves: XL
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S&P 500 Analyst Moves: AESS&P 500 Analyst Moves: AES
Related symbols: AES
Dow Analyst Moves: TRVDow Analyst Moves: TRV
Related symbols: TRV
Friday Sector Laggards: Entertainment, Publishing StocksFriday Sector Laggards: Entertainment, Publishing Stocks
Related symbols: LGF,HKTV,ABCD,CRRC
Friday Sector Leaders: Non-Precious Metals & Non-Metallic Mining, Oil & Gas Exploration & Production StocksFriday Sector Leaders: Non-Precious Metals & Non-Metallic Mining, Oil & Gas Exploration & Production Stocks
Related symbols: CLF,TGB,NADL,REI
Thursday Sector Leaders: Home Furnishings & Improvement, Apparel StoresThursday Sector Leaders: Home Furnishings & Improvement, Apparel Stores
Related symbols: KIRK,WSM,URBN,FRAN
XLI, EUFX: Big ETF OutflowsXLI, EUFX: Big ETF Outflows
Related symbols: XLI,EUFX,GE,UNP
PFF, HEFA: Big ETF InflowsPFF, HEFA: Big ETF Inflows
Related symbols: PFF,HEFA,GS,HSBC
Friday's ETF with Unusual Volume: PXJFriday's ETF with Unusual Volume: PXJ
Related symbols: PXJ,HAL,WFT,KEG,FET
Daily Dividend Report: NKE, A, FLO, HD, UNP, FDXDaily Dividend Report: NKE, A, FLO, HD, UNP, FDX
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Daily Dividend Report: HPQ, RTN, NOC, AVB, JWN, CPB, JOYDaily Dividend Report: HPQ, RTN, NOC, AVB, JWN, CPB, JOY
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Daily Dividend Report: WMB, JCI, SYY, LZB, BLK, PCP, BRCM, LO, DPSDaily Dividend Report: WMB, JCI, SYY, LZB, BLK, PCP, BRCM, LO, DPS
Related symbols: WMB,JCI,SYY,LZB,BLK,PCP,BRCM,LO,DPS
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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Week Ahead Market Report: November 10, 2014Week Ahead Market Report: November 10, 2014
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Symbol Cloud:   AAPL   AES   ANDR   ANV   BA   BBY   BHI   BLK   BSBR   CAT   COP   CPB   CPL   CVX   DLTR   DNR   DPS   EJ   ESI   EUFX   F   FICO   FM   GDX   GDXJ   GILD   GMCR   GME   GRO   GXC   HAL   HD   HPQ   HTZ   INTC   JCI   KING   KO   LINC   LO   LOW   LZB   MDY   MLM   MON   MRK   MYE   NADL   NGL   NKE   NOC   NTAP   NTES   PBYI   PEG   PFE   PFF   PRU.CA   REXX   RSX   RTH   SBS   SCI   SGEN   SPLS   SU   SVM   SYY   TAP   TEL   TJX   TSL   TSLA   UNH   UNP   URBN   VEC   VET   VIA   VIAB   VIPS   VSLR   VZ   WM   WMB   WMS   WMT   WUBA   XOP
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Weekly Market Wrap: February 8, 2013 | Market News Video | Copyright © 2008 - 2014, 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.