This twenty sixth trading week of 2012 comes to a close with investors hopeful that Europe's nineteenth conference to resolve its debt woes may come up with a fruitful solution to the continent's problems.
Hi. I'm Kristin Bianco. Welcome to the 'Weekly Market Wrap' for Friday June 29, 2012.
The Dow Jones Industrial Average the S&P 500 and the Nasdaq were higher for the week..
Crude oil futures are higher this week, trading around $84.78 per barrel on Friday afternoon.
Gold futures are higher this week, trading at $1600.65 an ounce in afternoon trading.
In notable economic news this week, consumer spending stalled in May, as purchases were little changed after a 0.1 percent rise the prior month according to Commerce Department figures.
In corporate news this week, Adobe (NASDAQ:ADBE) announced that it earned $0.60 per share for the second fiscal quarter of 2012, beating analyst estimates by one cent. The products segment increased by 5% to $1.12 billion beating estimates by $10 million, subscriptions increased by 45% to $159.5 million, while services grew 12% to $93 million.
H&R Block (NYSE:HRB) announced that fiscal fourth-quarter profit fell by 11 percent from the same period last year due to restructuring costs and lower revenue. Net income fell to $586.1 million, or $1.99 per share, from $658.6 million, or $2.14 per share last year and revenue fell 2 percent to $2 billion from $2.05 billion. Analysts expected a quarterly profit of $2.05 per share, on revenue of $2 billion.
Monsanto (NYSE:MON) announced that it earned $937 million, or $1.74 per share, during its most recent fiscal quarter, versus $692 million, or $1.28 per share, in the same period last year. Revenue increased by 17 percent to $4.22 billion, beating estimates of $3.97 billion. Adjusted profit per share was $1.63, beating estimates of $1.55.
Paychex (NASDAQ:PAYX) announced that net income increased by four percent during its most recent quarter. The company earned $123.3 million, or 34 cents per share, versus $118.9 million, or 33 cents per share in the same period last year. Revenue increased by 6% to $551.5 million. Analysts had expected earnings of 34 cents per share on revenue of $557.7 million.
Research in Motion (RIMM) announced that it lost $518 million, or 99 cents a share in the most recent fiscal quarter versus a profit of $695 million, or $1.33 per share, in the same period last year. Excluding one time impairment charges, the latest loss was 37 cents per share, while analysts were expecting a loss of 3 cents. Revenue dropped by 43 percent to $2.8 billion, below expectations of $3.1 billion.
This is the 'Weekly Market Wrap' for Friday June 29, 2012. Please join us on Monday for the 'Week Ahead Market Report."
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