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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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Monday's ETF with Unusual Volume: FXNMonday's ETF with Unusual Volume: FXN
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Monday's ETF Movers: XOP, ILFMonday's ETF Movers: XOP, ILF
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EWU, UVXY: Big ETF OutflowsEWU, UVXY: Big ETF Outflows
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Symbol Cloud:   AAPL   ACOR   AMZN   ANR   APD   ARG   ARGT   ATHL   AWK   AXP   AXX   AYI   BAA.CA   BABA   BAC   BBBY   BBD   BBRY   BEN   BHI   BTU   CHH   CHK   CHL   CPB   CVS   CVX   DD   DISCA   DZK   EQIX   EWU   FSIC   FVE   GDXJ   GMAN   GRO   GSS   HD   HGG   IBOC   IJH   ILF   INTC   IRM   JNS   KBH   KMX   LMT   LNN   LPI   MAS   MCP   MORN   MSFT   MT   MTL   MU   MYY   NKE   NQ   ORCL   PBR.A   QRE   RBY   RSH   RSX   SCOK   SIAL   SKH   SMC.CA   SPY   T   TEX   TRMR   TSL   UNH   URI   UVV   UXI   UYM   VIP   VWO   WSM   XHB   XLB   XME   XOM   YHOO
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Weekly Market Wrap: October 18, 2013 | Market News Video | Copyright © 2008 - 2014, All Rights Reserved

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