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Weekly Market Wrap: February 21, 2014 Friday, February 21, 2:50 PM ET 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 (SIG) announced that it would acquire Zale (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 (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 (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 (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.
For MarketNewsVideo.com, I'm Kristin Bianco. | |
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