This thirty ninth trading week of 2012 comes to a close with investors concerned over the state of Spain's austerity program.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for September 28, 2012.
The Dow Jones Industrial Average, the Nasdaq, and the S&P 500 were all lower for the week
Crude oil futures are lower this week, trading around $92.33 per barrel on Friday afternoon.
Gold futures are flat this week, trading at $1,772.83 an ounce in afternoon trading.
In notable economic news this week, he Mortgage Bankers Association reported this morning that mortgage applications rose 2.8% last week in response to the Federal Reserves continued efforts to push interest rates lower in the US.
In corporate news this week, Tesla Motors (NASDAQ:TSLA) slashed its 2012 revenue forecast to the range of $400 million to $440 million as the rollout of the company's Model S has been slower than anticipated. The company also reduced its third quarter revenue estimates to the range of $44 million to $46 million.
Discover Financial Services (NYSE:DFS) reported third quarter net income declined slightly to $621 million, or $1.21 per share, but easily topped Wall Street estimates of $1.03 per share. In the quarter, Discover saw revenue climb by 10% to $1.96 billion as consumer spending has been better than some had expected.
Walgreen (WAG) reported its fiscal fourth quarter results this morning which saw profits come in at $353 million, or 39 cents per share. Excluding one-time charges, the company earned 63 cents per share, easily topping Wall Street estimates. Year-over-year, the company saw revenue decline by 5% to $17.1 billion.
MFA Financial (NYSE:MFA) declared its quarterly dividend of 21 cents per share, a decrease of about 9% from its prior dividend. Based on the current stock price, investors can expect a yield of about 9.8% going forward.
This is the 'Weekly Market Wrap' for Friday September 28, 2012. Please join us on Monday for the 'Week Ahead Market Report."
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