This thirty second trading week of 2012 comes to a close with investors assessing a worse-than-expected Chinese trade report that may intensify concern that global growth is slowing.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for Friday August 10, 2012.
The Dow Jones Industrial Average, the Nasdaq, and the S&P 500 edged higher for the week.
Crude oil futures are higher this week, trading around $92.73 per barrel on Friday afternoon.
Gold futures are higher this week, trading at $1619.91 an ounce in afternoon trading.
In notable economic news this week, the number of Americans applying for unemployment benefits fell by 6,000 to a seasonally adjusted 361,000. The U.S. trade deficit narrowed to $42.9 billion in June from $48 billion in May, the lowest level in 18 months.
In corporate news this week, CVS Caremark (NYSE:CVS) announced that it earned $966 million, or 75 cents per share, in its most recent fiscal quarter, versus $816 million, or 16 cents per share, in the same period last year. Results beat estimates, and revenue increased by 16 percent. The company attributed much of the gain from former Walgreen (WAG) customers it attracted after that company ended its prescription relationship is Express Scripts (NASDAQ:ESRX).
Orbitz Worldwide (OWW) reported that second quarter profit fell, and also cut its forecast forL the full year. Net income was $4.6 million, or 4 cents per share, versus $8.9 million, or 8 cents per share in the same period last year. Analysts had expected five cents per share. Revenue was $200.98 million, while analysts had expected $207.77 million.
Tata Motors (NYSE:TTM) announced that first quarter profits increased by 12 percent, mainly due to a sales jump at its Jaguar Land Rover subsidiary that offset lower profits in its domestic business. Net profit was 22.45 billion rupees, or $406 million and revenue was 433.2 billion rupees, about 30 percent higher than the same period last year. Analysts expected a profit of 27.61 billion rupees on revenue of 429.4 billion rupees.
This is the 'Weekly Market Wrap' for Friday August 10, 2012. Please join us on Monday for the 'Week Ahead Market Report."
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