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Bob Carey
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  US Stocks Week Ended April 13, 2012
Posted Under: Weekly Market Commentary
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Stocks dropped last week as worries in Europe shifted to Spain which significantly increased its borrowing from the European Central Bank last month. Other macroeconomic concerns came from China, which announced slowing GDP growth of 8.1%. Economists were expecting their economy to grow 8.3%. Last week also marked the start of earnings season with economic bell-weather, Alcoa, surprising analysts with much-better-than-expected earnings. The aluminum maker was expected to report a loss of $.03 per share, however the company surpassed analysts' expectations by 12 cents. The stock rose 6% on the announcement. Also reporting was JP Morgan, which reported top line growth of 6%, however profit decreased more than 3% from a year earlier. JP Morgan competitor, Wells Fargo also reported results, earnings rose more than 13%. However, both banks' share prices fell during the week. Google also reported earnings, but it was not the earnings that had investors talking. The company announced a two-for-one split of its common shares. This move is coupled with the creation of a new share class. This new class will give founders Serge Brin and Larry Page greater control over the company's voting shares. Embattled retailer, Best Buy accepted the resignation of its CEO, Brian Dunn. While many analysts believed the move was long overdue, the cause may have nothing to do with performance. Revelations surfaced that the board was investigating Dunn for alleged inappropriate behavior. Looking forward, the market will look to Spain and companies reporting earnings this week for direction. Companies reporting include, Citigroup, US Bank, Bank of America, McDonald's, American Express, and Intel. In addition, Midstates Petroleum will begin trading on the NYSE. Finally, thanks to Emancipation Day, a holiday celebrated on Monday, tax payers will have until Tuesday, April 17th to file their taxes.
Posted on Monday, April 16, 2012 @ 8:13 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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