Exxon Surpasses Apple as Market Leader; S&P's Run is Best Since 2004 (XOM, AAPL)
The S&P extended its gains to what has now become the longest positive streak since 2004. Deutsche Bank (DB) analysts have revised their twelve-month target for the index from 1,575 to 1,600. The Dow is also on it's way to an all-time high while the Nasdaq continued to be dragged down by Apple's (AAPL) stock decline. On Friday Exxon Mobile (XOM) reclaimed its top place in the US markets and surpassed Apple.In earnings news, Proctor & Gamble (PG) posted profits that beat forecasts. Also extending gains on Friday were the euro on optimistic comments from Mario Draghi, and oil whose run of gains is now the longest in almost four years. Disappointing news came from the housing sector with new-home sales dropping unexpectedly in December. The industry still finished the strongest it has since 2009.
Word on the Street
- ECB's Mario Draghi expresses concern over the current calm of the financial markets.
- December new-home sales drop unexpectedly, but year ends the best for the industry since 2009.
- Exxon Mobil (XOM) surpasses Apple (AAPL) as the most valuable company on Friday.
- Procter & Gamble's (PG) increased outlook is not that meaningful for investors.
- The euro hits an eleven-month high in anticipation of the long-term refinancing operation.
- Google (GOOG) tops analysts' estimates on strong mobile growth.
- Hasbro (HAS) announces 10% of its workforce will be laid off worldwide to cut costs.
- The Google (GOOG) process that was "quintessentially Google and happened in a quintessentially Google way."
- How looking at the world the way your customers do will improve a business' marketing strategy.
Published on Jan 25, 2013By InvestorGuide Staff