This twenty second trading week of 2012 comes to a close with investors fretting over losing all of their 2012 gains after the Dow plumetted 280 points following a lackluster jobs report.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for Friday June 1, 2012.
The S&P 500, the Dow Jones Industrial Average, and the Nasdaq were all sharply lower for the week.
Crude oil futures are lower this week, trading around $83.20 per barrel on Friday afternoon.
Gold futures are higher this week, trading at $1622.94 an ounce in afternoon trading.
In notable economic news this week, the U.S. jobless rate increased to 8.2 percent in May from 8.1 percent in April and only 69,000 jobs were added during the month.
In corporate news this week, JoS. A. Bank Clothiers (JOSB) announced that fiscal first-quarter net income fell by 17 percent. For the three months through April 28, the company earned $14.8 million, or 53 cents per share, versus $17.8 million, or 64 cents per share, in the same period last year. Revenue increased by 4 percent to $201.4 million from $193.3 million, below estimates of $208.9 million estimate, and revenue at stores open at least a year dropped by 1 percent.
Tivo (TIVO) announced on Wednesday that lost $20.8 million in its first fiscal quarter, versus a profit in the same quarter last year when it settled a patent infringement case with Dish Network (DISH) for $175.7 million. expected a loss of 15 cents per share. Revenue for the quarter rose 48 percent to $67.8 million from $45.8 million, in the same period last year. Analysts had expected revenue of $55.3 million. The company has 2.5 million subscribers, an increase of 27 percent.
Facebeook (FB) shares ended the week sharply lower, with the stock losing over $23 billion of market cap since its IPO.
This is the 'Weekly Market Wrap' for Friday June 1, 2012. Please join us on Monday for the 'Week Ahead Market Report."
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