Housing Industry Data and Disappointing Earnings Reports Bring Mixed Endings for Market (GOOG, GE)

Weekly Wrap Up

Many companies released their earnings reports this week, with important news coming from Google (GOOG: Charts, News), Microsoft (MSFT: Charts, News), Advanced Micro Devices (AMD: Charts, News) as well as big banks like Bank of America (BAC: Charts, News). On Thursday Google accidentally leaked their disappointing earnings report earlier than planned, sending the stock plummeting shortly after.

Also this week much attention was drawn to the housing industry with housing starts jumping 15% for the month of September, while at the same time the home-sales rate dropped by 1.7%.
For crude-oil it was lackluster series of trading sessions, finishing the week with a 2% loss. By Friday most major US indices were down and stocks ended with the worst drop in four months. More Market News

Economic News

Housing Starts Jump 15% to Four-Year US High
Housing starts in the U.S. surged 15 percent in September to the highest level in four years, adding to signs of a revival in the industry at the heart of the financial crisis. (Source: Bloomberg) Click here to read the full article
Oil Slips as Data Fail to Offer Demand Catalyst
Crude-oil futures slipped Thursday, with a stronger dollar adding pressure as traders digested mixed economic data from China and the U.S. for hints on global demand. (Source: MarketWatch) Click here to read the full article
EU Leaders Punt on Thorny Issues
European Union leaders took a step forward on the path toward a banking union at their latest summit, but they delayed more politically fraught decisions until the next meeting. (Source: CNNMoney) Click here to read the full article

Business News

Shares Fall Sharply as Google Earnings are Released Early
Google (GOOG: Charts, News) released a disappointing earnings report on Thursday that sent its stock price plummeting and reflected the challenges the company faces as it tries to make money in a mobile world. (Source: NYTimes) Click here to read the full article
Wall Street Falls on Poor Earnings, Worst Day in Four Months
Stocks fell sharply on Friday, on track for the market's worst day since June after weak earnings from bellwethers General Electric (GE: Charts, News) and McDonald's (MCD: Charts, News) triggered heavy selling pressure at the close of the week. (Source: Reuters) Click here to read the full article
Analysts Downgrade AMD on Weak 3Q, Job Cuts
Shares of Advanced Micro Devices Inc. (AMD: Charts, News) dropped to their lowest point in more than three years on Friday. (Source: BusinessWeek) Click here to read the full article

Technology Focus

Spring Nextel Assumes Majority Stake in Clearwire
Wireless carrier Sprint Nextel Corp (S: Charts, News) said it has acquired a majority interest in Clearwire Corp (CLWR: Charts, News) by buying a stake from the company's founder.A similar attempt by Sprint to take control of Clearwire last week was scuttled by a dispute with Intel (INTC: Charts, News)and other investors. (Source: Reuters) Click here to read the full article
Microsoft, Google Eye Mobile Holiday Sales
Microsoft (MSFT: Charts, News) and Google (GOOG: Charts, News) have a plan for this holiday season: To reach every gadget-happy shopper seeking a new smartphone or tablet. (Source: Washington Post) Click here to read the full article

Your Money

Lessons From Black Monday, 25 Years Later
Twenty-five years ago, on Oct. 19, 1987, the Dow Jones Industrial Average plunged 508 points, or 22.6 percent. The anniversary of Black Monday is an opportunity to reflect on similarities between that era and this - volatility, investor distrust, concerns about the global economy - even as today’s market, dominated by high-speed trading algorithms, would be almost unrecognizable to the humans who shouted buy and sell orders on that panicked day. (Source: BusinessWeek) Click here to read the full article
Would You Hire Big Bird?
Could Big Bird soon be joining the unemployment line? After the first presidential debate, the name on everyone’s lips didn’t belong to either candidate but to a giant yellow bird who has spent his career teaching children. (Source: Recruiter.com) Click here to read the full article
Published on Oct 19, 2012
By InvestorGuide Staff

Copyrighted 2020. Content published with author's permission.

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