This sixth trading week of 2012 comes to a close with investors digesting conflicting data and reports as the market struggles to find a direction.
Hi. I'm Kristin Bianco. Welcome to the 'Weekly Market Wrap' for Friday February 10, 2012.
The S&P 500, NASDAQ, and the Dow Jones Industrial Average were held down on Friday by negative reports from Greece and a weak consumer confidence report.
Crude oil futures are slightly higher this week, trading around $98.85 per barrel on Friday afternoon.
Gold futures are lower this week, to around $1718.99 an ounce in afternoon trading.
In notable economic news this week, the Thomson Reuters/University of Michigan overall index of consumer sentiment fell to 72.5 as consumers were increasingly worried about their incomes.
In corporate news this week, Coca-Cola (NYSE:KO) reported that fourth quarter net income fell by 71 percent versus the same period last year, to $1.65 billion, or 72 cents per share versus $5.77 billion, or $2.46 per share. However, the company last year had a one-time net gain of $1.74 per share, as a result of buying its bottler's operations in North America. Revenue increased 5 percent to $11.04 billion, exceeding the estimate of $11 billion.
Sprint Nextel (NYSE:S) announced a wider loss for its fourth-quarter due to cost associated with offering the Apple (AAPL) iPhone to its subscribers. The company lost $1.3 billion, or 43 cents per share, versus $929 million, or 31 cents per share, in the same period last year. Revenue increased to $8.72 billion from $8.3 billion, beating analyst estimates of $8.69 billion.
Cisco Systems (NASDAQ:CSCO) announced earnings that beat analyst expectations, and raised its quarterly dividend. The networking equipment manufacturer reported earnings of $2.6 billion, or 47 cents per share during the fiscal second quarter and revenue of $11.5 billion.
NYSE Euronext (NYSE:NYX) announced that its fourth quarter profit dropped, mainly do to $46 million in costs related to the failed Deutsche Boerse merger. The company earned $110 million, or 43 cents per share, versus a profit of $135 million, or 51 cents per share, in the same period last year.
Expedia (NASDAQ:EXPE) announced disappointing 4th quarter results. The online travel company posted diluted EPS of $0.44, compared to $0.45 for the same period last year as higher costs offset a 7% increase in revenue.
This is the 'Weekly Market Wrap' for Friday February 10. Please join us on Monday for the 'Week Ahead Market Report."
For MarketNewsVideo.com, I'm Kristin Bianco.
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