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Weekly Market Wrap: 6/10/2011
Friday, June 10, 5:31 PM ET

The twenty third trading week of the year comes to a close as investors are fretting about the increasing strength of the US Dollar.

Hi. I’m Sayoko Murase. Welcome to the “Weekly Market Wrap” for Friday June 10, 2011.

The S&P 500, Dow Jones Industrial Average, and NASDAQ were all lower for the week.

Crude oil futures were trading lower for the week in late Friday trading, down to about $99.35 per barrel.

Gold futures were lower for the week to around $1532.01 an ounce in afternoon trading.

In notable economic news this week, the number of people seeking unemployment benefits was little changed and remained weak for a second straight week, as applications rose by 1,000 to a seasonally adjusted 427,000 last week.

In corporate news this week, Dollar Thrifty Automotive Group (DTG) said today its board of directors is recommending that shareholders do not tender their shares in Hertz Global Holdings’ (NYSE:HTZ) tender offer to acquire the company. Hertz has offered $72 per share, with $57.60 in cash and the remainder in Hertz stock. Dollar Thrifty said that it is urging shareholders to take no action with respect to the exchange offer given the uncertainty surrounding the length and outcome of the regulatory process as the company works with both Hertz and Avis Budget Group (CAR) to obtain clearance for their respective bids to acquire the company. Dollar Thrifty said its board will reconsider its recommendation if the situation warrants.

General Electric (NYSE:GE) and Capital One Financial (NYSE:COF) reportedly submitted bids last week to acquire ING Group’s U.S. Online Bank. Bloomberg News reported the story, saying that the sale may raise as much as $9 billion, and an agreement may be reached as soon as this month. Bloomberg reports GE made an all-cash bid, while Capital One’s offer included stock. The online bank has $81.6 billion in deposits, $40.5 billion in mortgage loans and $19.9 billion in mortgage-backed securities, the report noted. Other potential suitors that have held talks with ING include Ally Financial, CIT Group (NYSE:CIT) and SJB National Bank, although these companies have either ended talks to put them on hold, Bloomberg said.

Auto aftermarket service and retail chain Pep Boys (PBY) posted first quarter earnings late yesterday that fell short of analyst expectations. Profits totaled $12.4 million, or $0.23 per share, compared to $12 million, or $0.23 per share last year. Sales rose to $513.5 million, from $510 million last year, and same-store sells fell 0.6%. The company noted its balance sheet is well positioned to continue its aggressive growth. Pep Boys competes with companies like Advance Auto Parts (NYSE:AAP) and AutoZone (NYSE:AZO).

Citigroup (NYSE:C) confirmed that a computer breach may have compromised customer data. After questioning by the Financial Times, according to the newspaper, Citi admitted that a breach was discovered in early May during routine monitoring. 1% of its bank card customers were potentially affected. The data breach occurred at a database that holds basic customers information like names, account numbers, and email addresses, but not social security numbers and card security codes. Citi said it has contacted law enforcement officials about the breach, but did not say whether customers had reported suspicious transactions in the wake of the breach.

This is the “Weekly Market Wrap” for Friday June 10. Please join us on Monday for the “Week Ahead Market Report.”

For, I’m Sayoko Murase.

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