This nineteenth trading week of 2012 comes to a close with investors shocked and some calling for more regulation within the banking sector after the announcement by JP Morgan (NYSE:JPM) that it sustained heavy derivative based losses.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for Friday May 11, 2012.
The S&P 500, the Dow Jones Industrial Average, and the Nasdaq were all lower for the week.
Crude oil futures are lower this week, falling 2.7% to around $95.88 per barrel.
Gold futures are lower by about 3.75% this week, trading at $1580.39 an ounce in afternoon trading.
In notable economic news this week, claims for unemployment benefits declined to the lowest level in a month. First-time claims dropped by 1,000 to 367,000 in the period ended May 5.
In corporate news this week, Dish Network (DISH) announced that it earned 80 cents per share for the quarter, beating estimates of 70 cents per share. Revenue was $3.58 billion, 11% higher than the same period last year, but below expectations of $3.62 billion. The company also said it added 104,000 new subscribers in the quarter, beating estimates of 62,000.
Macy's (NYSE:M) announced that first quarter profit increased by 38 percent, beating expectations. Net income increased to $181 million, or 43 cents per share, up from $131 million, or 30 cents per share, in the same period last year. Revenue increased by 4.3 percent to $6.14 billion. Analysts had expected a profit of 40 cents per share and revenue of $6.14 billion.
Kohl's (NYSE:KSS) announced that it earned $54 million, or 63 cents per share in the most recent fiscal quarter, down from $201 million, or 69 cents per share, in the same period last year. The drop was attributed to price cuts meant to lure shoppers back into stores.
Panasonic (PC) announced that it was expecting a rebound during the current financial year and that it should turn an operating profit, due to cost cutting bolstering profitability and its television unit. The company lost 772 billion yen in the previous year, and expects to make 260 billion yen this year. Analysts had expected a profit of 241.5 billion yen.
This is the 'Weekly Market Wrap' for Friday May 4, 2012. Please join us on Monday for the 'Week Ahead Market Report."
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