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Bob Carey
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  US Stocks Week Ended December 21, 2012
Posted Under: Weekly Market Commentary
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On Monday stocks advanced the most in almost a month as investors were bullish about reported advances in Washington on a budget deal. On Tuesday stocks were up to a two month high as more signals came that Washington might get a budget deal done before year end. However, optimism faded Friday as Speaker Boehner announced his fellow Republicans in the House had abandoned his 'plan b' to the 'fiscal cliff'. All told the S&P 500 was up 1.2% for the week as prospects on getting a budget deal improved but were dealt a setback late in the week as the 'fiscal cliff' still looms in the near future. This week US GDP quarter over quarter was announced to be 3.1% (annualized), which was above consensus estimates of 2.8%. Personal consumption was announced to be up 1.6% vs. 1.4% consensus from last month. FedEx Corp. announced earnings that were slightly below analyst estimates but revenues that beat estimates and the stock was up 1%. CarMax Inc. announced earnings of $0.41 vs. the $0.39 estimates coupled with a raise in revenues and margins sent the stock up nearly 9%. Thursday, IntercontinentalExchange Inc. offered to buy NYSE Euronext for $33.12 in cash which sent NYSE shares surging 34%. Caribou Coffee Co. received a $16 cash deal from an Austrian conglomerate which was nearly a 32% premium over their previous closing price. Ameristar Casinos Inc. received a $26.50 cash deal from Pinnacle Entertainment Inc. which was a 30% premium over their previous closing price. Next week markets are open a half day Monday for Christmas eve, closed Tuesday for Christmas and open normally Wednesday, Thursday and Friday. Merry Christmas
Posted on Monday, December 24, 2012 @ 9:46 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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