This twenty first trading week of 2012 comes to a close with investors assessing the deteriorating situation in Greece, and assessing the fallout from the disasterous Facebook (NASDAQ:FB) initial public offering.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for Friday May 25, 2012.
The S&P 500, the Dow Jones Industrial Average, and the Nasdaq were all higher for the week.
Crude oil futures are relatively unchanged this week, trading around $90.87 per barrel on Friday afternoon.
Gold futures are lower this week, trading at $1572.92 an ounce in afternoon trading.
In notable economic news this week, Consumer confidence in May reached its highest level since October 2007. The Consumer Sentiment Index was at 79.3, up from 76.4 in April and 74.3 in May 2011.
In corporate news this week, Best Buy (NYSE:BBY) announced that profit fell to $158 million, or 46 cents per share, versus $212 million, or 53 cents per share, in the same period last year. Revenue increased to $11.61 billion from $11.37 billion in the same period last year. Analysts had expected the company to earn 59 cents per share on revenue of $11.5 billion.
Zale (ZLC) anounced that it lost $4.5 million, or 14 cents per share, in the most recent fiscal quarter, versus a loss of $9 million, or 28 cents per share, the same period last year. Revenue was $445.2 million, up from $411.8 million, in the same period last year. Analysts expected a loss of 16 cents per share on $433.9 of revenue.
Tiffany (NYSE:TIF) announced first-quarter results that were below Wall Street expectations. The company reported a profit of $81.5 million, or 64 cents a share, last quarter, versus a profit of $81.1 million, or 63 cents a share, in the same period last year. Analysts had expected earnings per share of 69 cents. Revenue increased by 8% to $819.2 million.
Rue21 (RUE) announced that it earned $11.6 million, or 46 cents per share, for the most recent fiscal quarter, up from $9.6 million, or 38 cents per share, earned in the same period last year. Analysts expected earnings of 43 cents per share. Revenue increased by 19 percent to $205.6 million from $172.9 million, beating analyst estimates of $204.5 million.
This is the 'Weekly Market Wrap' for Friday May 25, 2012. Please join us on Tuesday for the 'Week Ahead Market Report."
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