US FINANCIAL MARKET
- Apple plunged in early trading after posting the slowest profit growth since 2003 and the weakest sales increase in 14 quarters. Profit rose less than 1% to $13.1 billion, above estimates. Sales rose 18% to $54.5 billion, falling short of $54.9 billion, the average analyst estimate. For the fiscal second quarter, Apple forecast sales of $41 billion to $43 billion, also below analysts’ estimates of $45.5 billion. Apple sold 47.8 million iPhones and 22.9 million iPads, both record high, whereas it only sold 4.1 million Mac computers, below analysts’ estimate of 5.1 million units.
- Union Pacific’s fourth-quarter profit chugged ahead 7%. The nation’s largest railroad revenue grew 3%. The earnings exceeded Wall Street estimates but revenue fell short of expectations. The company has more than 32,400 miles of track in 23 states in the West, Midwest and Gulf coast.
- Bristol-Myers Squibb fourth-quarter profit rose 8.6%, beating Wall Street’s expectations. Revenue fell 23%. The company expects to earn $1.78 – $1.88 per share in 2013.
- 3M profit rose 3.9%. The results matched expectations of analysts. The maker of Scotch tape and Post-it notes affirms 2013 guidance.
- Lockheed Martin fourth-quarter net income fell 17%, but issued a better than expected profit guidance for the current year.
- Burger King said that it had stopped using one of the firms caught up in supplying grocers with beef that contained horse meat.
US ECONOMY & POLITICS
- Initial claims for state unemployment benefits fell 5,000 to a seasonally adjusted 330,000, the lowest since January 2008. A four-week moving average for new claims fell 8,250 to 351,750, the lowest since March 2008.
- The Conference Board’s U.S. leading indicators index rose 0.5%.
- Financial information firm Markit on Thursday said its preliminary manufacturing Purchasing Managers Index rose to 56.1 in January, its best showing since March 2011. It stood at 54.0 last month.
EUROPE & WORLD
- Markit’s factory survey in China was at 51.9, up from 51.5 in December.
- Markit’s factory survey in euro-area rose to 48.2, up from 47.2 in December
TODAY in HISTORY
- Roman emperor, Gaius Caesar, better known as Caligula (meaning Little Boot—he used to wear military boots as a child), was murdered (41)
- Krueger Brewing Company placed the first canned beer on sale (1935)
- Gold was first discovered in California (1848)
- Penny Harrington became the first woman police chief of a major city, Portland, Oregon (1985)
Sources: Reuters, Yahoo Finance, Google Finance, Bloomberg, CNN Money.
This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S & P 500, are unmanaged and may not be invested into directly.
