This holiday shortened thirty sixth trading week of 2012 comes to a close with analyzing fresh jobs data that and hoping that the weak report would spur the Federal Reserve to act.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for September 7, 2012.
The Dow Jones Industrial Average, the Nasdaq, and the S&P 500 were higher for the week.
Crude oil futures are higher this week, trading around $95.23 per barrel on Friday afternoon.
Gold futures are higher this week, trading at $1734.55 an ounce in afternoon trading.
In notable economic news this week, the unemployment rate for August fell to 8.1% compared to 8.3% in July. The economy added 96,000 jobs in August, below the consensus estimate of 130,000.
In corporate news this week, Dollar General (NYSE:DG) reported that profits were higher, and raised its full year earnings forecast. The company, which prices most of its merchandise under $10, said it earned $214.1 million, or 64 cents per share, in the second quarter, up from $146 million, or 42 cents per share, in the same period last year. Sales increased by 10.4 percent to $3.95 billion, and same store sales were up by 5.1 percent. The company expects to earn $2.77 to $2.85 per share this year.
Tax preparer H&R Block (NYSE:HRB) announced that it lost $107 million, or 39 cents per share, in its fiscal first quarter, versus a loss of $175 million in the same period last year. Revenue was lower by 4% to $96.5 million. The company repurchased 21.3 million shares for $315 million, or $14.82 cents per share, during the quarter.
Campbells Soup (NYSE:CPB) posted a 9 percent increase in soup sales for its fourth quarter, beating expectations.
Pork producer Smithfield Foods (SFD) reported a quarterly profit that fell short of expectations, due to weak retail demand in the U.S. The company missed revenue expectations as well.
Computer chip giant Intel (NASDAQ:INTC) announced that revenue for its third quarter will be below analyst estimates. Expectations for the quarter are revenue of$13.2 billion, plus or minus $300 million. Preveiously, the company expected $13.8 to $14.8 billion. The company blamed the lower expectations for softness in the corporate market, as well as slower demand from emerging markets. The data center business, however, is meeting expectations.
This is the 'Weekly Market Wrap' for Friday September 7, 2012. Please join us on Tuesday for the 'Week Ahead Market Report."
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