This forty-fifth trading week of 2013 comes to a close with investors watching a new batch of entrepreneurs becoming millionaires and billionaires following a very successful IPO for micro-blogging site Twitter. The company raised $1.8 billion this week in their initial public offering and those lucky enough to receive shares in the offering saw their holdings nearly double on the first day of trading.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for November 8, 2013.
The Nasdaq and S&P 500 are trading close to even for the week and Dow Jones Industrial Average is trading higher.
Crude oil futures are lower again this week, trading around $94.00 per barrel on Friday afternoon.
And Gold futures are lower this week, trading around $1,285 an ounce in Friday afternoon trading.
In economic news, the Labor Department reported a strong surge in job growth as employers added 204,000 new jobs in October. The report did note that the unemployment rate climbed to 7.3%, but many suspect that the increase was related to the government shutdown that furloughed federal employees.
In corporate news, Duke Energy (NYSE:DUK) reported third quarter earnings of $1 billion, or $1.42 per share, as revenue came in at $6.71 billion. Excluding one-time items, the company would have earned $1.46 per share, falling just short of Wall Street estimates.
Dominion Resources (NYSE:D) reported third quarter earnings of $569 million, or 98 cents per share, as revenue climbed by 3% to $3.43 billion. Excluding one-time items, the company's operating earnings were $1.00 per share, topping Wall Street estimates easily.
CVS Caremark (NYSE:CVS) reported third quarter earnings of $1.25 billion, or $1.02 per share, as revenue climbed by 6% to nearly $32 billion. Excluding certain items, the company would have earned $1.05 per share in the quarter, beating the consensus estimates. In the report, CVS increased its full-year earnings guidance to the range of $3.98 to $4.01 per share.
Kellogg (NYSE:K) reported third quarter earnings of $326 million, or 90 cents per share, as revenue fell to $3.72 billion. Excluding one-time items, the company would have earned 95 cents, topping Wall Street estimates. In the report, the company said it planned to reduce its workforce by 7% and consolidate plants in an effort to lower costs between now and 2017.
This is the 'Weekly Market Wrap' for Friday November 8, 2013. Please join us on Monday for the Week Ahead Market Report.
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