This thirty second trading week of 2013 comes to a close with investors selling stocks as earnings reports have failed to impress this week.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for August 9, 2013.
The Dow Jones Industrial Average, Nasdaq and the S&P 500 are all lower for the week.
Crude oil futures are lower this week, trading around $105.50 per barrel on Friday afternoon.
Gold futures are flat this week, trading around $1,313 an ounce in afternoon trading.
In notable economic news this week, the Labor Department reported initial jobless claims increased by 5,000 to a seasonally adjust rate of 333,000 claims. This report comes one week after initial jobless claims had reached a new five year low
In corporate news, CVS Caremark (NYSE:CVS) reported second quarter earnings of $1.12 billion, or 91 cents per share, as revenue climbed by 2% to $31.25 billion. The company said that its profit margins have benefited from the increase in generic drugs available, but noted that sales growth could taper as a side effect.
AOL (NYSE:AOL) reported second quarter earnings of $28.5 million, or 35 cents per share, as revenue climbed to just over $541 million. With the earnings announcement, AOL also said that it had acquired Adap.tv for $405 million to expand its online video business.
Time Warner (NYSE:TWX) reported second quarter earnings of $771 million, or 81 cents per share, on revenue of $7.44 billion. Excluding one-time items, the company would have earned 83 cents per share, easily topping Wall Street estimates of 76 cents.
Dish Network (NASDAQ:DISH) reported a second quarter loss of $11.1 million, or two cents per share, as the company took a $438 million impairment charge related to satellite acquisitions. In the quarter, revenue increase by just 1% to $3.61 billion, missing Wall Street estimates of $3.65 billion.
This is the 'Weekly Market Wrap' for Friday August 9, 2013. Please join us on Monday for the Week Ahead Market Report.
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