Weekly Market Wrap: August 31, 2012
Friday, August 31, 4:21 PM ET

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Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for Friday August 31, 2012.

The Dow Jones Industrial Average, the Nasdaq, and the S&P 500 edged lower for the week.

Crude oil futures are higher this week, trading around $96.38 per barrel on Friday afternoon.

Gold futures are higher this week, trading at $1687.02 an ounce in afternoon trading..

In notable economic news this week, new applications for unemployment benefits remained virtually the same with initial jobless claims coming in at a seasonally adjusted 374,000 in the week ended August 25 according to the Labor Department.

In corporate news this week, Tiffany & Co (NYSE:TIF) slashed its fiscal-year earnings and revenue guidance for the second quarter, though the company said it expects to see a profit in the holiday season.

Best Buy (NYSE:BBY) announced that the company reached an agreement with founder Richard Schulze, allowing him to form an investment group with private equity sponsors.

Bank of Montreal (NYSE:BMO) announced that quarterly profit increased by 37 percent, beating expectations. The company earned $970 million Canadian, or $1.42 cents per share Canadian, versus $708 million Canadian, $1.09 Canadian per share in the same period last year. The company also raised its dividend by 2 Canadian cents to 72 Canadian cents.

Pandora Media (NYSE:P) announced earnings that beat expectations, and also raised guidance for the full year. Sales increased by 51% to $101.3 million, while analysts expected sales of $100.9 million. The quarter was break even, versus a 2 cent profit in the same period last year, but better than the three cent per share loss expected by analysts. For the full year, the company expects sales of $425 million to $432 million.

Tivo (NASDAQ:TIVO) announced that revenue in its most recent quarter increased by 7 percent ot $65.3 million, while net loss widened to $27.7 million, or 23 cents per share, versus $19.6 million, or 17 cents per share in the same period last year. Analysts had expected a loss of 24 cents per share and revenue of $54.3 million.

This is the 'Weekly Market Wrap' for Friday August 31, 2012. Please join us on Tuesday for the 'Week Ahead Market Report."