Weekly Market Wrap: June 22, 2012
Friday, June 22, 5:24 PM ET

Launch related slideshow:
This Week's Top Ranked Dividend Stocks »

Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for Friday June 22, 2012.

The Dow Jones Industrial Average was lower for the week, while the S&P 500 and the Nasdaq were mixed for the week..

Crude oil futures are lower this week, trading around $80.00 per barrel on Friday afternoon.

Gold futures are lower this week, trading at $1568.45 an ounce in afternoon trading.

In notable economic news this week, job openings fell to a five-month low in April and showed their sharpest percentage decline in about seven and a half years, confirming a slowdown in the labor market.

In corporate news this week, DSW (NYSE:DSW) announced that its second quarter forecast falls short of analysts' estimates. The company expects earnings in the range of 60 to 64 cents in the quarter ending July 31st, well short of the 75 cents Wall Street was looking for.

Barnes & Noble (NYSE:BKS) announced that its net loss in the three months ended April 28 was $57.6 million, or $1.08 per share, smaller than the loss of $59.4 million, or $1.04 per share, in the same period last year. Analysts expected a loss of 92 cents per share. Revenue was flat at $1.38 billion, while analysts expected revenue of $1.48 billion. Retail revenue increased by 5 percent to $1.05 billion and revenue from college bookstores rose 6 percent to $228 million.

La-Z-Boy (NYSE:LZB) announced that profit during the fiscal fourth quarter was nearly double that of the same period last year. The furniture company said it earned $19.6 million, or 37 cents per share, versus net income of $10.3 million, or 19 cents per share, in the same period last year. Revenue fell to $327.4 million from $338.9 million while sales in stores open at least a year increased by 10 percent.

Red Hat (RHAT) announced a 15 percent increase in first-quarter profit and better-than-expected revenue. However, the company reported weaker-than-expected billings. The company earned $37.5 million, or 19 cents per share, for the most recent fiscal quarter, up from $32.5 million, or 17 cents per share, in the same period last year. Revenue was $314.7 million, beating estimates of $310.8 million.

Moody's Investors Services downgraded ratings for 15 firms with global capital-markets operations from one to three notches. The firms whose ratings were cut include Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), and Citigroup (NYSE:C).

This is the 'Weekly Market Wrap' for Friday June 22, 2012. Please join us on Monday for the 'Week Ahead Market Report."