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Weekly Market Wrap: January 27, 2012
Friday, January 27, 6:05 PM ET

This fourth trading week of 2012 comes to a close with investors sending stocks lower following a disappointing GDP report.

Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for Friday January 27, 2012.

The S&P 500 and the Dow Jones Industrial Average were little changed for the week, while the Nasdaq was higher this week.

Crude oil futures are higher this week, trading around $99.68 per barrel on Friday afternoon.

Gold futures are higher this week, to around $1738.09 an ounce.

In notable economic news this week, the Commerce Department said the economy grew at a 2.8 percent annual rate in the final three months of last year, while economists had expected 3 percent growth.

In corporate news this week, Halliburton (HAL) announced income for the fourth quarter of $921 million, or $1 per diluted share, excluding a $15 million charge, after-tax, or $0.02 per diluted share, for an environmental-related matter.

Verizon Communications (VZ) announced on Tuesday that it lost $2.02 billion, or 71 cents per share, in the last quarter of 2011, versus a profit of $2.64 billion, or 93 cents per share, in the same period last year. Revenue rose 7.7 percent to $28.4 billion versus $26.4 billion a year ago. The results met analyst expectations. The loss was attributed to a one time pension charge and expenses related to the launch of the Apple (AAPL) iPhone on the company's wireless network.

Corning (GLW) announced on Wednesday that its profit dropped 53 percent in the fourth quarter but revenue rose 7 percent on stronger sales of glass for flat-screens. Net income was $491 million, or 31 cents per share, versus $1.04 billion, or 66 cents per share, a year earlier. Revenue increased 7 percent to $1.89 billion from $1.77 billion. Margins were hurt, however, as the firm lowered glass prices to help struggling LCD panel manufacturers.

3M (MMM) announced higher than expected quarterly earnings due to strong demand from industrial and transport markets that was able to offset weak demand from its consumer electronics units. Earnings were $954 million, or $1.35 per share, versus $928 million, or $1.28 per share, in the same period last year. Analysts had expected $1.31 per share. Revenues increased to $7.1 billion, which met analyst estimates.

This is the 'Weekly Market Wrap' for Friday January 27. Please join us on Monday for the 'Week Ahead Market Report."

Weekly Market Wrap: January 27, 2012
Earnings Roundup: F, PGEarnings Roundup: F, PG
Related symbols: F,PG
Daily Market Wrap: January 26, 2012Daily Market Wrap: January 26, 2012
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Earnings Roundup: 3M, CaterpillarEarnings Roundup: 3M, Caterpillar
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Analyst Moves: AEP, HIGAnalyst Moves: AEP, HIG
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Analyst Moves: RMD, AMEAnalyst Moves: RMD, AME
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Analyst Moves: GHL, DPSAnalyst Moves: GHL, DPS
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Friday Sector Leaders: Sporting Goods & Activities, ChemicalsFriday Sector Leaders: Sporting Goods & Activities, Chemicals
Related symbols: WMS,FUN,SOA,HUN
Friday Sector Laggards: Trucking, Cigarettes & Tobacco StocksFriday Sector Laggards: Trucking, Cigarettes & Tobacco Stocks
Related symbols: ABFS,YRCW,CIGX,LO
Thursday Sector Leaders: Precious Metals, AirlinesThursday Sector Leaders: Precious Metals, Airlines
Related symbols: MGN,GSS,RJET,LCC
Friday's ETF with Unusual Volume: BIKFriday's ETF with Unusual Volume: BIK
Related symbols: BIK,PBR,ITUB,BIDU,MBT
Friday's ETF Movers: KBWI, XLUFriday's ETF Movers: KBWI, XLU
Related symbols: PRU,LNC,AEP,NRG,XLU,KBWI
EWJ, KBWB: Big ETF OutflowsEWJ, KBWB: Big ETF Outflows
Related symbols: EWJ,KBWB,JPM,WFC
Daily Dividend Report: PH, MCD, SBUX, COST, HCPDaily Dividend Report: PH, MCD, SBUX, COST, HCP
Related symbols: PH,MCD,SBUX,COST,HCP
Daily Dividend Report: TWC, XOM, CVX, ADP, ETNDaily Dividend Report: TWC, XOM, CVX, ADP, ETN
Related symbols: TWC,XOM,CVX,ADP,ETN
Daily Dividend Report: INTC, WFC, MON, PX, ROLDaily Dividend Report: INTC, WFC, MON, PX, ROL
Related symbols: INTC,WFC,MON,PX,ROL
Jobless Claims Rise in Pre-Holiday WeekJobless Claims Rise in Pre-Holiday Week
Related symbols: UUP,FXE,FXY,IAU,GLD,GDX,ABX,GG,SPY
Income, Spending and Durable Goods Orders Rise in NovemberIncome, Spending and Durable Goods Orders Rise in November
Related symbols: UUP,IAU,GLD,DBO,XLE
GDP Revised Lower; Jobless Claims DropGDP Revised Lower; Jobless Claims Drop
Related symbols: UUP,GLD,IAU,SPY,EWU,VOD,HBC
Weekly Market Wrap: January 27, 2012Weekly Market Wrap: January 27, 2012
Related symbols: HAL,VZ,GLW,MMM
Weekly Wrap: January 20, 2012Weekly Wrap: January 20, 2012
Related symbols: SVU,LEDS,MS,MBI,BAC
Weekly Market Wrap: January 13, 2011Weekly Market Wrap: January 13, 2011
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Week Ahead Market Report: January 23, 2012Week Ahead Market Report: January 23, 2012
Related symbols: AAPL,COP,MMM,PG
Week Ahead Market Report: January 17, 2012Week Ahead Market Report: January 17, 2012
Related symbols: CVBF,AXP,BAC,CBAN
Daily Market Wrap: WSM, INFY, JPMDaily Market Wrap: WSM, INFY, JPM
Related symbols: WSM,INFY,JPM
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Weekly Market Wrap: January 27, 2012 | Market News Video | Copyright © 2008 - 2012, All Rights Reserved

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