Financial News 8/5/12 – 8/11/12

Economy

-Italy’s GDP contracted 0.7% in the second quarter. 8/8

-Home prices jumped in the second quarter by the most in 7 years.  Prices rose 6% from the first quarter and 2.5% in June.  Freddie Mac, who track prices differently echoed the sentiment, and posted a $3 billion profit.  8/8

-China’s inflation rate eased to 1.8% in July allowing for the potential to continue monetary easing in the country.  8/9

-Initial jobless claims dropped 6,000 last week to 361,000 a level showing more stabilization than the 380K to 390K seen in April and May. 8/10

-U.S. exports countered the global trend and rose in June and the overall trade gap fell from $48 billion in May to $42.9 billion in June. 8/10

Corporate

-Best Buy’s founder Richard Schulze put in an offer to the company to take it private for about $10 billion.  8/7

-Disney’s fiscal third quarter profits jumped 24% driven by its parks and cable channels.  8/8

-Of the 425 companies in the S&P 500 that have reported earnings for the second quarter, 64% have beaten estimates. 8/8

-News Corp. showed a loss of $1.6 billion in its most recent quarter as a result of a large charge it took for its publishing business.  8/9

-J.C. Penney sank to a large loss over its most recent quarter as sales fell 23%. 8/11

Market

-Stocks rose again on Tuesday on hopes of additional stimulus measures by the Fed. The S&P 500 topped the 1,400 mark for the first time in three months rising 0.5%, the Dow gained 0.4% and Europe was up 0.7%.  8/8

-U.S. Stock markets rose to end the week.  The S&P 500 posted its 6 straight daily gain for its longest winning streak since December of 2010 and notched its 5th straight weekly increase.  The index rose 1.1% for the week and the Dow rose 0.9%.  Internationally Japan gained up 3.9% and Europe was up 1.6% on intervention hopes.  8/11

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