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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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S&P 500 Movers: XRX, AMZNS&P 500 Movers: XRX, AMZN
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Friday Sector Leaders: Non-Precious Metals & Non-Metallic Mining, AirlinesFriday Sector Leaders: Non-Precious Metals & Non-Metallic Mining, Airlines
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Thursday Sector Laggards: General Contractors & Builders, Vehicle ManufacturersThursday Sector Laggards: General Contractors & Builders, Vehicle Manufacturers
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Friday's ETF with Unusual Volume: VFHFriday's ETF with Unusual Volume: VFH
Related symbols: VFH,BAC,HBAN,EHTH,RCAP
Friday's ETF Movers: FDN, GDXJFriday's ETF Movers: FDN, GDXJ
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IYR, GGOV: Big ETF OutflowsIYR, GGOV: Big ETF Outflows
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Daily Dividend Report: SPG, PFG, RF, AVY, PFE, VDaily Dividend Report: SPG, PFG, RF, AVY, PFE, V
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Symbol Cloud:   AAPL   AIG   AMZN   AXP   BA   BAC   BND   BTI   CAT   CDE   CHII   CIT   CLB   CLNE   CMCSA   CMG   CNI   COST   CVX   DAL   DD   DHI   DISCA   ENZN   EQT   EWJ   EXXI   FSZ   GBF   GDX   GDXJ   GE   GM   GNR   GS   GXC   HBAN   HTLD   INFY   INTC   JBL   KALU   KIE   KING   LFL   LRCX   MCD   MCK   MCP   MET   MIDU   MSFT   MT   NDAQ   NLSN   NRG   ORLY   PBR   PHM   PIN   PPG   RAI   RBY   RRD   RSX   SFUN   SHW   SNDK   SOL   SPF   SPG   SPN   STS   TCK   TFM   TMHC   TRV   TXN   TXT   UNH   UPL   VALE   VEA   WDC   WLH   XOM   XOP   XRX   XXII
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Weekly Market Wrap: October 18, 2013 | Market News Video | Copyright © 2008 - 2015, All Rights Reserved

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