This twelfth trading week of 2013 comes to a close with investors breathing a sigh of relief as a banking deal between Greece and Cyprus emerged that eased fears of a financial meltdown on the island.
Hi. I'm Kristin Bianco. Welcome to the 'Weekly Market Wrap' for March 22, 2013.
The S&P 500, the Nasdaq and the Dow Jones Industrial Average were about even for the week in afternoon trading.
Crude oil futures are lower this week, trading around $92.98 per barrel on Friday afternoon.
Gold futures are higher this week, trading at $1606.58 an ounce in afternoon trading.
In notable economic news this week, the Commerce Department announced that housing starts increased by 0.8 percent last month to a an annual rate of 917,000 units. Future construction permits increased by 4.6 percent to an annual rate of 946,000, the quickest since June of 2008. The data suggests that the economy has built momentum during the first quarter.
In corporate news, Walgreen (NYSE:WAG) announced that it earned $756 million, or 79 cents per share, during the most recent fiscal quarter, versus $683 million, or 78 cents per share in the same period last year. Adjusted earnings were 96 cents per share, and revenue was flat at $18.65 billion. Analysts had expected earnings of 94 cents per share on revenue of $18.74 billion.
Connecticut Water Service (NASDAQ:CTWS) announced that earnings declined by 24% to 16 cents per share from 21 cents per share in the same period last year, while revenue increased to $19.5 million from $15.4 million, beating the average estimate of $18.5 million.
Adobe Systems (NASDAQ:ADBE) announced a a 65 percent drop in quarterly profit due to higher expenses. Net income fell to $65.1 million, or 13 cents per share from $185.2 million, or 37 cents per share in the same period last year. Revenue fell by four percent to $1 billion, while expenses increased by 16 percent to $753 million.
FedEx (NYSE:FDX) announced that quarterly profit was worse than expected due to weakness in the air express business. Profit fell by 31 percent to $361 million, or $1.13 per share. Excluding one time items, the company earned $1.23 per share. Revenue increased by four percent to $11 billion. Analysts had expected earnings of $1.38 per share on revenue of $10.85 billion. FedEx said it expects fourth quarter earnings of $1.90 to $2.10 per share, with analysts expecting $2.07 per share.
Ross Stores (NASDAQ:ROST) announced that earnings for the quarter increased by 25.9% to $1.07 per share from the same period last year mainly due to successful efforts to cut costs and inventories. Earnings were in line with estimates. Net sales increased by 15.1% to $2.76 billion from $2.397 billion in the same period last year, beating estimates of 2.751 billion.
This is the 'Weekly Market Wrap' for Friday March 22, 2013. Please join us on Monday for the Week Ahead Market Report.
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