As Consumer Sentiment Improves on Jobs, Wal-Mart's Stock Plummet Weighs on Dow (WMT)
On Friday preliminary reports showed that consumer sentiment in the US had risen in February and spurred optimism for future employment. Another report was released from the manufacturing sector, showing that the year started off a little weak with drops in vehicle output but is looking to recover with increased factory activity in New York state. G20 members met today in Moscow to discuss the current currency war in Japan but did not support the proposals of G7 powers earlier in the week about targeting exchange rates. Afterward the yen dropped for the first time this week. In corporate news, an email sent by an executive of Wal-Mart (WMT) was released describing sales in February as a "total disaster." Subsequently shares plummeted 3% after this was leaked.The major indices ended mixed for the day but the S&P 500 closed with its seventh weekly gain.
Word on the Street
- Consumer sentiment in the US improves in February on signs of increasing hiring.
- G20 leaders meet on Friday and play down Japan's currency war.
- Manufacturing stumbles after drop in auto output last month, but rebounds with factory data.
- Wal-Mart (WMT) weighs down the Dow with disaster email from an executive.
- Qlik Technologies (QLIK) soars 18% after reporting profits and beating Q4 estimates.
- Houston-based oil and gas company Apache Corp (APA) plans $2 billion asset sale.
- Icahn says it's all about making money, his valuation of Herbalife (HLF) is nothing personal.
- Berkshire Hathaway (BRK.A) and 3G Capital buy out Heinz (HNZ) for $28 billion.
Published on Feb 15, 2013By InvestorGuide Staff