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Weekly Market Wrap: October 18, 2013
Friday, October 18, 7:02 PM ET

This forty-second trading week of 2013 comes to a close with the government shutdown and debt ceiling debate behind us, and the markets higher on speculation that the Fed won't be tapering in 2013.

Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for October 18, 2013.

The Dow Jones Industrial Average, S&P 500 and Nasdaq are all higher for the week.

Crude oil futures are lower this week, trading around $100.74 per barrel on Friday afternoon.

And Gold futures are substantially higher this week, trading around $1,315 an ounce in Friday afternoon trading.

Economic news was light this week due to the government shutdown. China's third quarter GDP growth was up 7.8%, providing optimism, and helping to boost oil prices, and weaken the US Dollar on Friday.

In corporate news, Iron Mountain (NYSE:IRM) has acquired Cornerstone Records Management, growing its core information storage business by adding complementary small and mid-sized organizations to its customer base. The storage and information management firm purchased Cornerstone for approximately $191 million in cash, subject to certain purchase price adjustments.

GE (NYSE:GE) posted third-quarter 2013 earnings of $0.36 per share, down 3% and flat respectively from the third quarter of 2012, beating analyst expectations. According to GE Chairman and CEO Jeff Immelt, "Orders grew 19% with orders growth around the world. Total segment profit grew 12%, Industrial margins grew 120 basis points in the quarter, and we are on track for planned margin expansion of 70 basis points for the year. GE Capital continues to perform well, and we finished the quarter with a Tier 1 common ratio of 11.3%, up 116 basis points."

Google (NASDAQ:GOOG) posted revenues of $14.89 billion for the quarter ended September 30, 2013, an increase of 12% compared to the third quarter of 2012. Non-GAAP EPS in the third quarter of 2013 was $10.74, compared to $8.87 in the third quarter of 2012.

IBM (NYSE:IBM) posted operating diluted earnings of $3.99 per share, beating analyst expectations. Total revenues, however came in at $23.7 billion, down 4 percent from the third-quarter of 2012, and missing expectations.

Bank of America (NYSE:BAC) reported that net income rose to $2.5 billion in the third quarter from $340 million in the year-ago quarter. Earnings per diluted share increased to $0.20 from $0.00 in the third quarter of 2012. Revenue dropped to $22.19 billion from $22.3 billion.

Abbott (NYSE:ABT) posted third quarter ongoing EPS of $0.55 and announced a 57 Percent Increase in their quarterly commone dividend. Additionally the company confirmed their full-Year 2013 ongoing EPS guidance range. In early morning trading the stock is up about 1.5%.

PepsiCo (NYSE:PEP) reported core earnings per share of $1.24 for the third quarter and organic revenue growth of 3.3 percent for the quarter. Organic revenue grew 3.9 percent year to date and core constant currency EPS increased 12 percent year to date. Reported net revenue grew 2 percent year to date. Snacks volume rose 3 percent while beverage volume declined 1 percent.

This is the 'Weekly Market Wrap' for Friday October 18, 2013. Please join us on Monday for the Week Ahead Market Report.

For MarketNewsVideo.com, I'm Sayoko Murase.

Weekly Market Wrap: October 18, 2013 picture
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Tuesday Sector Leaders: Oil & Gas Exploration & Production, Oil & Gas Equipment & ServicesTuesday Sector Leaders: Oil & Gas Exploration & Production, Oil & Gas Equipment & Services
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Tuesday's ETF Movers: XOP, GXCTuesday's ETF Movers: XOP, GXC
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EWH, SMDV: Big ETF OutflowsEWH, SMDV: Big ETF Outflows
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Symbol Cloud:   AAPL   ABBV   ACE   AES   AG   ALXN   APA   ARCP   ARIA   AVGO   AXP   BA   BAC   BBY   BMS   BND   CAT   CHII   CIE   CIG   CLDX   CLUB   CMCSA   CRESY   CVX   CWEI   DAL   DD   DISCA   DKS   DLR   DNKN   EURL   EXPD   FDL   FSL   FSLR   FULL   GDX   GDXJ   GE   GRO   HD   HERO   HII   IBIO   ICF   ILF   INTC   IRM   ISIS   IWM   JQC   KO   LBMH   LO   MJN   MNST   MU   MYL   NBG   NFX   NKE   NXPI   PAL   PBY   PFN   PIN   PPL   PRTS   PRU.CA   QSR   RIGL   ROST   RYAAY   SHYG   SPLS   STT   T   TREX   UNH   UNP   VGK   VIP   VTR   WBAI   WTW   XHB   XOP
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Weekly Market Wrap: October 18, 2013 | Market News Video | Copyright © 2008 - 2015, 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.