S&P 500's Record High is the Bright Spot of the Week

Weekly Wrap Up

After having mixed results since the beginning of the year the stocks had a bright spot this week - on Wednesday the S&P 500 ended the day with a record high. Many companies reported this week that their 4Q earnings were not as high as they were expecting. Many retailers are falling into this category after their holiday sales numbers were much lower than expected. J.C. Penny (JCP) announced that they will be closing 33 under performing stores and cutting 2,000 jobs this year as the retailer is trying to make a turnaround and become profitable once again.
Freedom Communications announced that they will cut around 70 jobs from The Orange County Register and The Press-Enterprise to cut spending.

A couple of stocks had massive losses this week, SodaStream (SODA) shares fell a whopping 24% while Best Buy's (BBY) shares fell 27%. The Detroit Auto Show began this week revealing many new car options that will be released this year and announced some of the top cars of 2013. General Motor's (GM) swept the awards with its Chevrolet Corvette winning the title of North American Car of the Year and Chevrolet's Silverado winning the Truck of the Year. Tesla's (TSLA) CEO even announced that an affordable Tesla vehicle could be released to the public in as little as 3 years.

Economic News

U.S. Industry Shows Muscle in Late 2013
U.S. industrial output rose at its fastest clip in 3-1/2 years in the fourth quarter as factory activity closed out the year on a strong note, a sign of the economy's brightening prospects. (Source: Yahoo News) Click here to read the full article

December Housing Starts Ends Strong in 2013
Housing starts fell sharply last month but they remained strong enough to give builders their best year since 2007, the Commerce Department said Friday. (Source: USA Today) Click here to read the full article

Business News

Shares of Palo Alto, California, based Tesla Motors  (TSLA) surged 15.74% on Tuesday, rising $21.93 to $161.27 per share on volume of nearly 26 million shares. The company disclosed that had sold 20% more cars than expected in the fourth quarter of 2013. (Source: InvestorGuide) Click here to read the full article

Shares of PNC Financial Services Group Inc. (PNC) closed with a gain of +0.84 or +1.08 percent to $78.84 per share on Wednesday, ahead of reporting earnings this morning which beat analyst estimates by $0.22 per share. (Source: InvestorGuide) Click here to read the full article

Shares of Beam Inc. (BEAM) closed up +16.45 or +24.56 percent to $83.42 per share on Monday, after news that Japanese spirits and beverage company Suntory was acquiring the whiskey distiller in a deal worth roughly $16 billion. (Source: InvestorGuide) Click here to read the full article

Technology Focus

Shares of Intel Corp. (INTC) were trading down -1.10 or -4.14 percent to $25.45 per share in pre-market trading on Friday after the company announced fourth quarter earnings, which came out on average in line with expectations. (Source: InvestorGuide) Click here to read the full article

Exclusive: Cybercrime Firm Says Uncovers Six Active Attacks on U.S. Merchants
A cybercrime firm says it has uncovered at least six ongoing attacks at U.S. merchants whose credit card processing systems are infected with the same type of malicious software used to steal data from Target Corp. (Source: Yahoo News) Click here to read the full article

Your Money

5 Money Myths That are Financial Nonsense 
The following are 100 percent true statements: A penny saved is a penny earned. A home is a great investment. Money doesn't grow on trees. Are you nodding in agreement? Gotcha! (Source: Yahoo Finance) Click here to read the full article

New Taxes for 2014
Each year brings changes and new taxes. Below are some new tax rules and taxes for 2014 that you might like to know about. Note that many of these new taxes for 2014 apply to rather wealthy folks. Average earners needn't hyperventilate. (Source: Motley Fool) Click here to read the full article

Published on Jan 17, 2014
By InvestorGuide Staff

Copyrighted 2020. Content published with author's permission.

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