This thirty ninth trading week of 2013 comes to a close investors nervous that Congress will not reach a budget compromise before the government's fiscal year begins on October 1st.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for September 27, 2013.
The Dow Jones Industrial Average and the S&P 500 are lower for the week while the Nasdaq is trading near breakeven.
Crude oil futures are lower this week, trading around $103 per barrel on Friday afternoon.
And Gold futures are higher this week, trading around $1,339 an ounce in Friday afternoon trading.
In notable economic news this week, the Labor Department reported that initial jobless claims fell by 5,000 last week to a seasonally adjusted rate of 305,000 claims. The four-week moving average also fell to a six year low of 308,000 claims.
In corporate news, General Motors (NYSE:GM) announced it would buy back 120 million shares of the 9% preferred stock held by the union trust fund in a deal with about $3.2 billion. The transaction would be funded by a debt offering.
Apple (NASDAQ:AAPL) announced it had sold 9 million new iPhones in the first weekend. The company said demand has exceeded supply, meaning many customers will have to wait a few extra weeks for their new phones to be shipped. Further more, the company said that its fourth quarter revenue will be towards the higher end of the $34 billion to $37 billion projection and that gross margins would also be at the higher end of the projected range.
Lennar (NYSE:LEN) reported quarterly earnings of $120.7 million, or 54 cents per share, as revenue climbed to $1.6 billion. Both earnings and revenue topped Wall Street estimates.
Stryker (NYSE:SYK) announced it would acquire Mako Surgical (MAKO) in a deal worth about $1.65 billion. Shareholders of Mako will receive $30 per share, a 86% premium.
This is the 'Weekly Market Wrap' for Friday September 27, 2013. Please join us on Monday for the Week Ahead Market Report.
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