This second trading week of 2012 comes to a close with investors trying to come to terms with continued problems in Europe.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for Friday Jaunary 13, 2012.
The S&P 500, the Dow Jones Industrial Average, and the Nasdaq were all higher this week.
Crude oil futures are lower this week, trading around $99.19 per barrel on Friday afternoon.
Gold futures are higher this week, to around $1638.38 an ounce.
In notable economic news this week, the Labor Department announced that applications for weekly unemployment benefits increased, mostly because companies laid off thousands of seasonal holiday employees. The Commerce Department announced that retail sales incrased slightly in December, but the 8 percent increase in 2011 over 2010 is the largest percentage increase since twelve years.
In corporate news this week, Tiffany (TIF) announced that same store sales for the two months ended on December 31st incrased by 4%, and worldwide sales increased by 7%, to $952 million. The company expects to earn between $3.60 and $3.65 per share this year, versus the $3.70 it had previously expected.
Juniper Networks (JNPR) lowered its fourth quarter outlook this morning, blaming it on weak demand from service providers. The company expects to earn between 26 and 28 cents per share on revenue of $1.11 billion to $1.12 billion, versus its previous forecast of 32 to 36 cents per share on revenue of $1.16 billion to $1.22 billion. The company also expects margins to come in below the prior projection of 21% to 23%.
Supervalu (SVU) announced that its third quarter loss increased to $750 million, or $3.54 per share, versus $202 million, or $0.95 per share in the same period last year. Excluding one time charges, the company did earn a profit of $50 million, or $0.24 per share. Revenue was $8.33 billion, versus $8.67 billion in the same period last year.
Builder Lennar (LEN) announced earnings of $30.3 million, or 16 cents per share, versus $32 million, or 17 cents per share in the same period of last year. Revenue, however increased by 10.8% to $952.7 million. Income results were short of the analyst estimate of 18 cents per share, but revenue results beat estimates of $914 million.
JPMorgan Chase & Co. (JPM) announced this morning that its fourth quarter earnings were lower by 23 percent, which analysts had expected, mainly due to the effects of the European debt crisis. Net income was $3.72 billion, or 90 cents per share, versus $4.83 billion or $1.12 per share, in the same period last year.
This is the 'Weekly Market Wrap' for Friday January 13. Please join us on Tuesday for the 'Week Ahead Market Report."
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