This thirty fifth trading week of 2012 comes to a close with Fed Chairman Ben Bernanke paving the way for more quantitative easing and Facebook's (FB) stock hitting new lows.
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."
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