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The markets gave up Thursday’s gains and closed down Friday on Wall Street:
S&P 500: -0.94%, Nasdaq: -1.26%, Dow: -1.05%, Gold: -2.20%, Oil: -2.60%.
On the commodities front, Oil (NYSE:USO) dropped to $84.83 per barrel. Precious metals were down, with Gold (NYSE:GLD) falling to $1,676.90 per ounce, and Silver (NYSE:SLV) falling to $30.91 per ounce.
Starbucks (NASDAQ:SBUX) closed up 9.05 percent Friday after posting fourth-quarter earnings that came in at $0.46 per share, $0.01 above estimates. Revenue grew 11 percent year over year to a record $3.4 billion. Highlights include 7 percent comparable-store growth and a 1,200-store expansion plan for 2013.
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Chevron (NYSE:CVX) closed down 2.77 percent after posting third-quarter earnings that were fairly lackluster. Net income for the integrated oil-international fell to $5.3 billion ($2.69 per share) vs. $7.83 billion ($3.92 per share) a year earlier. This is a decline of 32.3% from the year-earlier quarter. Read our Chevron earnings Cheat Sheet.
Hess Corp. (NYSE:HES) closed up 1.41 percent after posting third-quarter earnings that beat Wall Street expectations. Net income rose to $557 million ($1.64 per share) vs. $298 million ($0.88 per share) in the same quarter a year earlier. This marks a rise of 86.9 percent from the year-earlier quarter. Read our Hess Corp. earnings Cheat Sheet.
In September, federal prosecutors sued Wells Fargo (NYSE:WFC), the largest home lender in the United States, for “reckless” and fraudulent mortgage practices that cost the Federal Housing Administration hundreds of millions of dollars in insurance claims when the loans defaulted. In a filing made on Thursday in federal court in Washington D.C., Wells Fargo made clear its intent to challenge the suit, contending that the case violates the conditions of the April settlement.
The Android smartphone operating system was launched four years ago and continues to gain market share over its rivals. In the third quarter, the Google (NASDAQ:GOOG) developed OS was found on three out of every four smartphones shipped. According to International Data Corporation, a global provider of market intelligence and services for the technology field, total Android smartphone shipments worldwide hit 136 million units, representing 75 percent of the 181.1 million smartphones shipped in the third quarter.
In what could be a last-minute political gift for President Barack Obama, the U.S. Labor Department’s report on Friday showed that job growth accelerated in October to signal an economic recovery that was slow, but steady. Payrolls grew by a seasonally adjusted 171,000 jobs last month, though the unemployment rate, which comes from a separate survey, rose one-tenth of a percentage point to 7.9 percent. The consensus prediction had been for an addition of 125,000 in payrolls and a 7.9 percent unemployment rate.
According to AAA, only 35 percent of gas stations tracked by the company on Long Island are operational. In New Jersey, AAA reports only 40 percent of gas stations tracked are operational. The New York Times is reporting lines of hundreds of cars waiting for gas in New Jersey, with supplies running out and pumps shutting down long before fuel needs are met.
Gas prices have been locked in place with Governor Chris Christie promising to prosecute anyone caught gouging. Prices in New Jersey had been set at $3.59 per gallon last week. Prices in New York are averaging nearly $4 per gallon. The nation-wide average is about $3.50 per gallon.
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