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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
Tuesday 7/22 Insider Buying Report: AA, GRXTuesday 7/22 Insider Buying Report: AA, GRX
Related symbols: AA,GRX
Monday 7/21 Insider Buying Report: IRMD, MRTNMonday 7/21 Insider Buying Report: IRMD, MRTN
Related symbols: IRMD,MRTN
Monday 7/21 Insider Buying Report: SYRGMonday 7/21 Insider Buying Report: SYRG
Related symbols: SYRG
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S&P 500 Movers: HOG, CMGS&P 500 Movers: HOG, CMG
Related symbols: HOG,CMG
Nasdaq 100 Movers: NFLX, WYNNNasdaq 100 Movers: NFLX, WYNN
Related symbols: NFLX,WYNN
Dow Movers: TRV, INTCDow Movers: TRV, INTC
Related symbols: TRV,INTC
S&P 500 Analyst Moves: DHRS&P 500 Analyst Moves: DHR
Related symbols: DHR
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Dow Analyst Moves: NKEDow Analyst Moves: NKE
Related symbols: NKE
S&P 500 Analyst Moves: GOOGS&P 500 Analyst Moves: GOOG
Related symbols: GOOG
Tuesday Sector Leaders: Trucking, Computer PeripheralsTuesday Sector Leaders: Trucking, Computer Peripherals
Related symbols: HTLD,MRTN,EXTR,FEYE
Tuesday Sector Laggards: Precious Metals, Auto DealershipsTuesday Sector Laggards: Precious Metals, Auto Dealerships
Related symbols: PVG,AUMN,SAH,AAP
Monday Sector Leaders: Computer Peripherals, SemiconductorsMonday Sector Leaders: Computer Peripherals, Semiconductors
Related symbols: EXTR,JNPR,ENPH,VIMC
Tuesday's ETF with Unusual Volume: BSCFTuesday's ETF with Unusual Volume: BSCF
Related symbols: BSCF,BAC,ABT,MMC,D
Tuesday's ETF Movers: GXC, GDXJTuesday's ETF Movers: GXC, GDXJ
Related symbols: EJ,YGE,GSS,PRU.CA,GDXJ,GXC
XOP, EZJ: Big ETF OutflowsXOP, EZJ: Big ETF Outflows
Related symbols: XOP,EZJ,GPRE,KOG
Daily Dividend Report: BAX, SO, ETN, SYK, AEP, ALL, CCE, FMCDaily Dividend Report: BAX, SO, ETN, SYK, AEP, ALL, CCE, FMC
Related symbols: BAX,SO,ETN,SYK,AEP,ALL,CCE,FMC
Daily Dividend Report: JNJ, HAL, AGN, APD, ADT, SPN, ZION, BRODaily Dividend Report: JNJ, HAL, AGN, APD, ADT, SPN, ZION, BRO
Related symbols: JNJ,HAL,AGN,APD,ADT,SPN,ZION,BRO
Daily Dividend Report: PEP, QCOM, MCD, TXN, BK, STX, ED, OMC, NRG, KBHDaily Dividend Report: PEP, QCOM, MCD, TXN, BK, STX, ED, OMC, NRG, KBH
Related symbols: PEP,QCOM,MCD,TXN,BK,STX,ED,OMC,NRG,KBH
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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Related symbols: AMD,BAC,ZNGA,GE,SLB,GLW,CAG,GS
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Related symbols: AAPL,BAC,FB,GE,MTG,OXY,TMO,CVS,COP,PSX,CSX
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Related symbols: BAC,WY,RAD,FB,PNC,AYI
Week Ahead Market Report: July 21, 2014Week Ahead Market Report: July 21, 2014
Related symbols: GE,PLUG,FB,BAC,CMCSA,CA,ETFC,DAL,AMZN,BIDU,AON
Week Ahead Market Report: July 14, 2014Week Ahead Market Report: July 14, 2014
Related symbols: AMD,BAC,AAPL,C,GS,BAC,AMD,GE
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Related symbols: AAPL,CBS,SIRI,AA,WDFC,FDO,FAST
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Symbol Cloud:   AAPL   ABI   ABT   AMD   AON   AUMN   BAC   BAP   BBT   BIDU   C   CAG   D   DHR   DXJ   EDV.CA   EEM   EMC   ENSG   ETN   EWK   EXEL   EXTR   FAST   FB   FCG   FDI   FEYE   GDX   GDXJ   GE   GLW   GOL   GORO   GPK   GPL   GS   GSS   HLS   HSBC   INTC   IRMD   IYG   JNJ   JPM   KO   LCI   LGND   LO   MBT   MCD   MMC   MRTN   MSFT   MUX   MYL   NKE   NVDA   O   OXY   PBR.A   PCI   PDI   PFE   PLTM   PLUG   PRU.CA   PSR   PSX   QCOM   R   RVBD   RYAAY   SIR   SJM   SLB   SLCA   SNDK   SYK   TGD   TMO   TWX   V   X   XBI   XGTI   XOM   YGE   YHOO
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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.