This eleventh trading week of 2012 comes to a close with investors sending indices to highs not seen since before the 2008 financial crisis prompting gurus to question if the markets have been moving too high too quickly.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for Friday March 16, 2012.
The S&P 500, the NASDAQ, and the Dow Jones Industrial Average were all higher for the week.
Crude oil futures are slightly lower this week, trading around $107.15 per barrel on Friday afternoon.
Gold futures are lower this week, to $1659.70 an ounce in afternoon trading.
In notable economic news this week, the Labor Department said that new claims for unemployment benefits fell back to a four-year low last week. Initial claims for state unemployment benefits dropped 14,000 to a seasonally adjusted 351,000.
In corporate news this week, Midas (MDS) announced that tire company TBC would buy the company for $11.50 per share, or about $310 million in cash. TBC would also assume $137 million in debt and pension liabilities. The price represents a 28% premium over Monday's closing prices.
Express Scripts (NASDAQ:ESRX) and Medco (MHS) announced that they will delay closing their $29 billion deal, as said by Medco in an SEC filing. The delay would give federal antitrust regulators more time to evaluate the deal.
Rue21 (NASDAQ:RUE) announced that it earned $12.9 million, or 52 cents per share in its fiscal fourth quarter, while analysts expected 49 cents per share. Earnings increased from $10.9 million, or 44 cents per share, a in the same period last year. Revenue increased by 15.7 percent to $219.9 million, below estimates of $225.6 million, while same store sales fell by 2.2 percent.
AMC Networks (NASDAQ:AMCX) announced that it earned $29.5 million, or 41 cents per share versus $19.3 million or 28 cents in the same period last year. Revenue increased by 14 percent to $339 million. The company said profits were lower due to higher interest expense and costs related to the spin-off from
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