The eleventh trading week of 2014 comes to a close with investors digesting the producer price report, and still focusing their worries on the unfolding situation in Ukraine.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for March 14, 2014.
The Dow Jones Industrial Average, the Nasdaq Composite and S&P 500 are lower for the week.
Crude oil futures are significantly lower this week, trading just above $98.63 per barrel on Friday afternoon.
And Gold futures are up this week, trading around $1,376 an ounce in Friday afternoon trading.
In economic news, the Producer Price Index fell 0.1 percent in February, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This decline followed advances of 0.2 percent in January and 0.1 percent in December. On an unadjusted basis, the index for final demand moved up 0.9 percent for the 12 months ended in February, the smallest 12-month rise since a 0.9-percent increase in May 2013.
In corporate news, American Eagle Outfitters (NYSE:AEO) posted adjusted earnings of $0.27 per share for the 13 week period ended February 1, 2014, compared to adjusted earnings of $0.55 per share for the 14 week period ended February 2, 2013. The company said that business conditions remain challenging, with severe winter weather contributing to weak demand. Based on a high single-digit decline in comparable sales, management expects first quarter EPS to be approximately breakeven compared to adjusted EPS of $0.18 last year. The guidance excludes potential asset impairment and restructuring charges.
Berkshire Hathaway (NYSE:BRK.A) said they will acquire a wholly-owned subsidiary of Graham Holdings Company (GHC), which will include WPLG, a Miami-based television station, a number of Berkshire shares currently held by Graham Holdings Company and an amount of cash, in exchange for approximately 1.6 million shares of Graham Holdings Class B common stock currently owned by Berkshire Hathaway.
And in dividend news, Kayne Anderson MLP Investment Company (NYSE:KYN) declared a quarterly distribution of $0.625 per share for the quarter ended February 28, 2014. This distribution represents an increase of 2.5% from the prior quarter's distribution of $0.61 per share and an increase of 10.6% from the distribution for the quarter ended February 28, 2013.
Colgate-Palmolive (NYSE:CL) increased the ongoing quarterly common stock cash dividend by 6%. The increase will be effective as of the second quarter, 2014. The new rate of $.36 per share is up from $.34. The Board declared that the second quarter dividend is to be paid on May 15, 2014 to shareholders of record as of April 22, 2014.
And, Target (NYSE:TGT) has declared a quarterly dividend of 43 cents per common share. The dividend is payable June 10, 2014 to shareholders of record at the close of business May 21, 2014.
This is the 'Weekly Market Wrap' for Friday, March 14, 2014. Please join us on Monday for the Week Ahead Market Report.
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