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 (NASDAQ: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."
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.
VF is about the atypical investments that the majority
Launch related slideshow:
Friday 5/17 Insider Buying Report: CONE, ERII
Friday 5/17 Insider Buying Report: WFR, VSTM
Thursday 5/16 Insider Buying Report: SIX, MRIN
Daily Wrap: May 17, 2013
Donaldson Shares Slip On Lowered Guidance
Daily Wrap: May 16, 2013
Analyst Moves: AMAT, ARUN, DE
Analyst Moves: NOC, GM, GILD
Analyst Moves: WSM, LTD, ADSK
Friday Sector Leaders: Education & Training Services, Auto Parts
Friday Sector Laggards: Precious Metals, Rental, Royalty Trusts
Thursday Sector Leaders: Shipping, Education & Training Services
Friday's ETF with Unusual Volume: IYK
Friday's ETF Movers: PSCM, PSAU
HYG, RUSS: Big ETF Outflows
Daily Dividend Report: AET, DV, RWT, BGS, WMB
Daily Dividend Report: SYY, VTR, HIG, ESS, XEC
Daily Dividend Report: COH, STT, WDC, KSS, DPS
Initial Jobless Claims Jump by 32k
Jobless Claims Fall to Five Year Low
Hiring Picture Improves In April
Weekly Market Wrap: May 17, 2013
Weekly Market Wrap: May 10, 2013
Weekly Market Wrap: May 3, 2013
Week Ahead Market Report: May 13, 2013
Week Ahead Market Report: May 6, 2013
Week Ahead Market Report: April 29, 2013