This twenty fourth trading week of 2012 comes to a close with central banks preparing for turmoil and chaos in the financial markets after the Greek elections.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for Friday June 15, 2012.
The S&P 500, the Dow Jones Industrial Average, and the Nasdaq were in all positive territory for the week in late Friday trading.
Crude oil futures are slightly lower this week, trading around $83.99 per barrel on Friday afternoon.
Gold futures are higher this week, trading at $1627.46 an ounce in afternoon trading.
In notable economic news this week, weekly unemployment benefit applications increased to a seasonally adjusted 386,000 according to the Labor Department. The four-week average rose for the third straight week to 382,000, the highest in six weeks.
In corporate news this week, luxury goods maker Michael Kors (NYSE:KORS) announced that it earned $43.6 million, or 22 cents per share in the last fiscal quarter versus a profit of $17.4 million, or 10 cents per share in the same period last year. Excluding one-time items, the company earned 21 cents per share. Revenue increased by 58% to $380 million, beating estimates of $360.6 million. Retail net sales increased by 80.3% to $172.2 million and same-store sales increased by 36.1%.
Kroger (NYSE:KR) announced a higher quarterly profit on Thursday. The company earned $439.4 million, or 78 cents per share, for the first quarter versus $432.3 million, or 71 cents per share, in the same period last year. Sales, including fuel, rose 5.8 percent to $29.1 billion, meeting analyst forecasts.
Pier 1 (NYSE:PIR) Imports annouced that profits increased by 26 percent increase in first-quarter profit. The company earned $17.8 million, versus $14.1 million in the same period last year. Sales increased by 7.9 percent to $361.1 million. The company expects full-year earnings to be between $1.08 to $1.14 per share.
Winnebago (NYSE:WGO) announced that it earned $3.9 million in its latest quarter, or 13 cents a share, versus $1.2 million, or 4 cents a share in the same period last year, beating estimates. Revenuewas up 14.9% to $155.7 million versus $135.6 million a year ago, but missed estimates of $164.7 million.
Apple (NASDAQ:AAPL) did not announce a new iPhone model as expected that the Worldwide Developers Conference in San Francisco, but did announce new features to its existing products, notably the introduction of a power moreful MacBook Air.
This is the 'Weekly Market Wrap' for Friday June 15, 2012. Please join us on Monday for the 'Week Ahead Market Report."
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