The eighth trading week of 2014 comes to a close with the US markets continuing to rally on positive earnings reports and continued M&A activity.
Hi. I'm Kristin Bianco. Welcome to the 'Weekly Market Wrap' for February 21, 2014.
The Dow Jones Industrial Average, the Nasdaq Composite and S&P 500 are all higher for the week, each gaining almost 1% during the week.
Crude oil futures are higher this week, trading just above $101.00 per barrel on Friday afternoon.
And Gold futures are lower this week, trading around $1,321 an ounce in Friday afternoon trading.
In economic news, the Labor Department reported that initial jobless claims fell by 3,000 to a seasonally-adjusted 336,000 claims. In the report, the previous week's numbers were unrevised and continuing claims increased to 2.981 million.
In corporate news, Signet Jewelers (NYSE:SIG) announced that it would acquire Zale (NYSE:ZLC) for approximately $690 million, or $21 per share. Including debt, the deal's value balloons to $1.4 billion and represents a 40% premium to the previous day's closing price.
Coca-Cola (NYSE:KO) reported fourth quarter earnings of $1.71 billion, or 38 cents per share, as revenue slipped to $11.04 billion. Excluding one-time items, the company would have earned 46 cents per share, matching Wall Street estimates. In the report, Coca-Cola said it would expand it cost-cutting program to find another $1 billion in savings by 2016.
Wal-Mart (NYSE:WMT) reported fourth quarter earnings of $4.43 billion, or $1.36 per share, as revenue climbed to $128.79 billion. Excluding one-time items, the company would have earned $1.60 per share, narrowly topping Wall Street estimates. However, in the report, the company said sales from stores open at least a year declined by 0.4% marking the fourth consecutive quarter of declines.
Dish Network (NASDAQ:DISH) reported fourth quarter earnings of $288 million, or 63 cents per share, as revenue climbed to $3.54 billion. In the report, Dish Network noted that it had added 8,000 pay-TV customers in the quarter with the average revenue per subscriber increasing 5% to $81.24 per customer.
This is the 'Weekly Market Wrap' for Friday February 21, 2014. Please join us on Monday for the Week Ahead Market Report.
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