This thirty fourth trading week of 2013 comes to a close with the NASDAQ having to explain to regulators what caused Thursday's "Flash Freeze".
Hi. I'm Tracey Fitzpatrick. Welcome to the 'Weekly Market Wrap' for August 23, 2013.
The Dow Jones Industrial Average is trading lower, the Nasdaq is trading higher and the S&P 500 is about flat for the week.
Crude oil futures are lower this week, trading around $107 per barrel on Friday afternoon.
Gold futures are also higher this week, trading around $1,395 an ounce in afternoon trading.
In notable economic news this week, the Labor Department reported initial jobless claims rose last week by 13,000 to a seasonably adjusted rate of 336,000 claims. While the total number of claims did increase, the total remains near six year lows and the four week moving average fell to just over 330,000 claims.
In corporate news, Target (NYSE:TGT) reported second quarter earnings of $611 million, or 95 cents per share, as revenue climbed by 2% to $17.12 billion. Excluding one-time items, the company would have earned $1.19 per share, easily topping Wall Street estimates of just 96 cents.
Lowe's (NYSE:LOW) reported second quarter earnings of $941 million, or 88 cents per share, as revenue climbed to $15.71 billion. The company noted that sales climbed 9.6% at stores open at least a year and increased its full-year earnings guidance to $2.10 per share.
Abercrombie & Fitch (NYSE:ANF) reported second quarter earnings slid to $11.4 million, or 14 cents per share, on relatively flat revenue of $945.7 million. Excluding one-time items, the company would have earned 16 cents per share, falling very short of Wall Street's estimate of 28 cents per share.
Best Buy (NYSE:BBY) reported second quarter earnings of $266 million, or 77 cents per share, as revenue fell slightly to $9.3 billion. Excluding one-time items, the company earned 32 cents per share, easily topping Wall Street estimates of just 12 cents per share. Revenue at stores open at least a year fell just 0.6% -- much better than the 3.3% decline analysts were expecting.
This is the 'Weekly Market Wrap' for Friday August 23, 2013. Please join us on Monday for the Week Ahead Market Report.
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