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Weekly Market Wrap: June 8, 2012
Friday, June 8, 5:13 PM ET

This twenty third trading week of 2012 comes to a close with investors monitoring events in Greece and Spain while investment banks and exchanges continue to point fingers and answer tough questiosn about the Facebook (NASDAQ:FB) IPO.

Hi. I'm Kristin Bianco. Welcome to the 'Weekly Market Wrap' for Friday June 8, 2012.

The S&P 500, the Dow Jones Industrial Average, and the Nasdaq were all higher for the week.

Crude oil futures are about even this week, trading around $83.28 per barrel on Friday afternoon.

Gold futures are lower this week, trading at $1592.55 an ounce in afternoon trading.

In notable economic news this week, the U.S. trade deficit narrowed in April as a drop in imports outweighed exports' first decline in five months, though the trade gap was wider than analysts expected.

In corporate news this week, Dollar General (NYSE:DG) announced that it earned $213.4 million, or 63 cents per share, for its most recent fiscal quarter, up from $157 million, or 45 cents per share, in the same period last year. Revenue rose by 13 percent to $3.9 billion. Analysts expected earnings of 60 cents per share on revenue of $3.83 million. The company operates 10,052 stores across the country, up from 9,496 stores last year.

Brown-Forman (NYSE:BF.A) announced that net income fell by 37 percent versus the same period last year, when the company realized a gain on its sale of Fetzer Vineyards. The company earned $104.5 million, or 73 cents per share, versus $165.4 million, or $1.13 per share, in the same period last year. Analysts expected earnings of 76 cents per share. Revenue increased 1 percent to $801.3 million from $791.3 million, beating estimates of $769.6 million.

Bob Evans Farms (NASDAQ:BOBE) announced that fourth-quarter earnings increased by 20 percent from the same period last year. It earned $22 million, or 76 cents per share, in the three months ended April 27 versus $18.4 million, or 60 cents per share, in the same period last year. Excluding one-time items, the company said fourth-quarter earnings were 80 cents per share. Revenue was $413.5 million, down 1 percent from $418.7 million in fiscal 2011. Analysts expected earnings of 74 cents per share on revenue of $421 million.

Taco Bell parent Yum! Brands (NYSE:YUM) announced it will offer some new, more upscale menu items that may allow it to compete with other chains like Chipolte Mexican Grill (NYSE:CMG). The new Doritos Locos tacos introduced in March, have been a huge hit, and sales have exceeded analysts estimates.

Lululemon Athletica (NASDAQ:LULU) announced that profit in the quarter ended April 29 rose to $46.6 million, or 32 cents per share, from $33.4 million, or 23 cents per share, in the same period last year. Analysts expected a profit of 30 cents per share. Revenue increased by 53 percent to $285.7 million from $186.8 million. Analysts expected revenue of $274 million. Revenue in stores open at least a year increased by 25 percent.

This is the 'Weekly Market Wrap' for Friday June 8, 2012. Please join us on Monday for the 'Week Ahead Market Report."

For MarketNewsVideo.com, I'm Kristin Bianco.

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Weekly Market Wrap: June 8, 2012 | Market News Video | Copyright © 2008 - 2017, All Rights Reserved

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