This fifteenth trading week of 2012 comes to a close with investors selling stocks due to concerns about the pace of global growth.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for Friday April 13, 2012.
The S&P 500, the Dow Jones Industrial Average and the Nasdaq were all lower for the week.
Crude oil futures are slightly lower in afternoon trading, to around $102.83 per barrel.
Gold futures are higher this week, to $1654.02 an ounce in afternoon trading.
In notable economic news this week, new claims for unemployment benefits rose to their highest level since January. Initial claims for state unemployment benefits increased 13,000 to a seasonally adjusted 380,000, according to the Labor Department.
In corporate news this week, Supervalu (NYSE:SVU) announced that it lost $424 million, or $2 per share, for its fiscal fourth quarter, versus a profit of $95 million, or 44 cent per share, in the same period last year. The company operates grocery chains such as Albertsons and Jewel-Osco. Excluding one times items, the company said it earned 38 cents per share, beating estimates of 35 cents per share.
Aluminum maker Alcoa (NYSE:AA) reported that it earned $0.10 per share in its first quarter, surpassing analyst estimates of a $0.04 per share loss. Revenue was $6 billion, beating estimates of $5.77 billion, with the company saying that it was experiencing rapid growth in the Chinese market.
Rite Aid (NYSE:RAD) announced that it lost $163.8 million, or 18 cents per share, during the fourth quarter, versus a loss of $205.7 million, or 24 cents per share, in the same period last year. Revenue increased to $7.15 billion from $6.46 billion. Excluding one time items, the company lost 4 cents per share. Analysts had expected the company to lose 14 cents per share on revenue of $7.12 billion. Rite Aid expects to lose between 13 and 31 cents per share during 2013, and expects same store sales to range from flat to up by 1.5 percent.
J.P. Morgan (NYSE:JPM) reported that it earned $5.38 billion, or $1.31 per share down from $5.56 billion in the same period last year. Analysts had expected earnings of $1.18 per share. Revenue increased by 6.3 percent to $27.42 billion, beating analyst estimates of $24.68 billion.
Wells Fargo (NYSE:WFC) announced that it earned $4.25 billion in the first quarter, up from $3.76 billion in the same period last year. Revenue increased by 6.4% to $21.64 billion, beating analyst estimates of $20.51 billion.
This is the 'Weekly Market Wrap' for Friday April 13, 2012. Please join us on Monday for the 'Week Ahead Market Report."
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