This ninth trading week of 2012 comes to a close with investors keeping a close eye on oil prices and ongoing unrest in the Middle East.
Hi. I'm Tracy Fitzpatrick. Welcome to the 'Weekly Market Wrap' for Friday March 2, 2012.
The S&P 500 and the Dow Jones Industrial Average were both little changed for the week late on Friday afternoon, while the NASDAQ was slightly higher.
Crude oil futures are slightly lower this week, trading around $106.66 per barrel on Friday afternoon.
Gold futures are lower this week, to around $1712.10 an ounce in afternoon trading.
In notable economic news this week, the Labor Department announced that applications for¬†unemployment insurance¬†decreased by 2,000 in the week ended Feb. 25 to 351,000.
In corporate news this week, Lowe's (NYSE:LOW) announced it turned a profit of $322 million, or 26 cents per share for the fiscal quarter ended on February 1st, up from $285 million, or 21 cents per share in the same period last year. Analysts had estimated earnings of 24 cents per share.
Priceline.com (PCLN) announced that it earned $276.8 million, or $5.37 per share, on revenue of $991 million for the quarter ended on December 31. Analysts had expected the company to earn $5.05 per share on revenue of $967.9 million.
Autozone (NYSE:AZO) announced that it earned $166.9 million, or $4.15 per share, on revenue of $1.8 billion for its fidscal second quarter. Analysts had expected earnings of $4.04 per share on revenue of $1.78 billion.
Caesars Entertainment (NASDAQ:CZR) announced that it lost $220.6 million, or $1.76 per share, for the fiscal quarter ended December 31, versus a loss of $196.7 million, or $1.71 per share, in the same period last year. The loss was in part due to a $164.2 million interest expense. Revenue increased by 2 percent to $2.17 billion from $2.12 billion.
Costco (NASDAQ:COST) announced that net income increased to $394 million, or 90 cents per share, for the period that ended on February 12, versus $348 million, or 79 cents per share, in the same period last year.
This is the 'Weekly Market Wrap' for Friday March 2nd, 2012. Please join us on Monday for the 'Week Ahead Market Report."
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