Nasdaq Nears 12-Year High on Solid Earnings Reports (LNKD, MCD)
A string of economic reports was released on Friday, including data that showed the US trade deficit fell nearly 21% in December to $38.5 billion, the largest drop in three years. Also, wholesale inventories unexpectedly fell in December, a negative signal for economic growth in the US. A group of European leaders met today to discuss the spending budget for the EU, and agreed to a slightly smaller amount for the next seven years. In corporate news, both AOL (AOL) and LinkedIn (LNKD) saw shares rise after releasing Q4 earnings.Moody's (MCO) fell by 8.5% despite reporting higher Q4 profits from one year ago. McDonald's (MCD) stated that their sales in January fell by 1.9% due to a decline in the Asian markets. The yen had a good day after Japan's finance Minister Taro Aso made comments about the curreny's recent fast-paced drop. Towards the end of the day trading became lighter on Wall Street as focus was placed on the incoming blizzard in the Northeast.
Word on the Street
- International leaders agree the EU's budget covering 2014-2020 must be cut.
- McDonald's Corp. (MCD) sees sales drop 1.9% in January on slow sales in Asia.
- US trade deficit shrinks to smallest in nearly three years due to record fuel exports.
- Worker productivity in the US falls more than was expected for the month of December.
- US Postal Service records a net $1.3 billion loss during the last quarter of 2012.
- The yen makes gains against both the dollar and the euro on finance minister's comments.
- AOL (AOL) sees overall quarterly revenues grow for the first time in eight years.
Published on Feb 8, 2013By InvestorGuide Staff