This twenty eight trading week of 2012 comes to a close with investors sending stocks higher following a six-day losing streak.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for Friday July 13, 2012.
The Dow Jones Industrial Average and the S&P 500 and about flat this week, and the Nasdaq was slightly lower.
Crude oil futures are higher this week, trading around $87.12 per barrel on Friday afternoon.
Gold futures are higher this week, trading at $1592.88 an ounce in afternoon trading.
In notable economic news this week, applications for unemployment aid fell by 26,000 to a seasonally adjusted 350,000, the fewest since March 2008.
In corporate news this week, chip maker Advanced Micro Devices (NYSE:AMD) announced that it expects second-quarter revenue to fall by 11% from the prior quarter. The company blames the slowdown on softer-than-expected sales in Europe and China, and had previously expected sales in the quarter to increase by up to six percent. AMD still expects gross margins to be in line with guidance issued previously.
Boeing (NYSE:BA) completed assembly of an American Airlines Next-Generation 737-800 to be used as a flying testbed for validating environmentally progressive technologies. The airplane, known as the ecoDemonstrator, is being outfitted with the advanced technologies and test equipment before it begins a month of intense flight testing in Montana.
Voxx International (NASDAQ:VOXX), a maker of audio equipment, announced that it lost $4.7 million, or 20 cents per share, during the first quarter, versus a profit of $2.5 million, or 11 cents per share, in the same period last year. Earnings were hurt by a patent settlement charge, and costs related to the acquisition of car-audio maker Hirschmann. Revenue increased by 17 percent to $194 million.
Supervalu (NYSE:SVU) reported very disappointing sales and profit. The supermarket chain has been considering selling off a part of its business a sale to pay off debt.
Infosys (NYSE:INFY) cut its sales forecast more than expected, as tech spending has been negatively affected by global uncertainty.
This is the 'Weekly Market Wrap' for Friday July 13, 2012. Please join us on Monday for the 'Week Ahead Market Report."
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