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Weekly Market Wrap: October 12, 2012
Friday, October 12, 5:07 PM ET

This forty first week of 2012 comes to a close with investors analyzing earnings from several large banks.

Hi. I'm Kristin Bianco. Welcome to the 'Weekly Market Wrap' for October 12, 2012.

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

Crude oil futures are higher this week, trading around $91.45 per barrel on Friday afternoon.

Gold futures are lower this week, trading at $1,753.88 an ounce in afternoon trading.

In notable economic news this week, the Thomson Reuters/University of Michigan preliminary October consumer sentiment index increased. The gauge was estimated to fall to 78, but instead rose to 83.1 from 78.3 last month.

In corporate news, Destination Maternity (NASDAQ:DEST) announced on Tuesday that fourth quarter revenue fell, though the results still beat estimates. The company also said that quarterly earnings will beat estimates as well. Revenue fell by less than one percent to $128.5 million, while the company predicted revenue in the range of $125.5 million to $130 million, while analysts had expected $128.4 million.

Costco Wholesale (NASDAQ:COST) reported that profit increased by 27 percent during the fourth quarter due to increasing sales and higher membership fees. The company earned $609 million, or $1.39 per share during the quarter, versus $478 million, or $1.08 per share in the same period last year. Sales increased by 14 percent to $31.52 billion, while same stores were up by 5 percent, and revenue from membership fees increased by 18 percent to $694 million.

Shares are higher by nearly 2.4 percent.

Yum! Brands (NYSE:YUM) announced that earnings in the third quarter beat estimates, and increased by about 23 percent from the same period last year. Net income during the quarter increased to $471 million, or $1 per share, versus $383 million, or 80 cents per share in the same period last year. Revenue increased to $3.57 billion from $3.27 billion in the same period last year. Analysts estimated the that the company would earn 97 cents per share on revenue of $3.64 billion.

Safeway (NYSE:SWY) announced that net income increased by 21 percent in the third quarter, which was boosted by the sale of its Genuardi's stores. The company earned $157 million, or 66 cents per share versus $130.2 million, or 38 cents per share in the same period last year. Excluding operations that are discontinued, the company earned 45 cents per share, beating the 43 cents that analysts had expected.

Fastenal (NASDAQ:FAST) reported that it earned $109.3 million, or 37 cents per share, versus $96.8 million, or 33 cents per share in the same period last year, representing an increase of 12.9 percent. Revenue increased by 10.4% to $802.6 million versus the same quarter last year. Analysts had expected earnings of 38 cents per share on revenue of $807.6 million.

This is the 'Weekly Market Wrap' for Friday October 12, 2012. Please join us on Monday for the 'Week Ahead Market Report."

For MarketNewsVideo.com, I'm Kristin Bianco.

Weekly Market Wrap: October 12, 2012 picture
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Friday Sector Laggards: Precious Metals, Oil & Gas Exploration & Production StocksFriday Sector Laggards: Precious Metals, Oil & Gas Exploration & Production Stocks
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QQQ, SPUU: Big ETF OutflowsQQQ, SPUU: Big ETF Outflows
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Symbol Cloud:   AAPL   AAU   ABBV   ALK   AMTD   AMZN   APA   APC   AUY   BA   BAC   BC   CCI   CIG   CPN   CREE   CTXS   CVX   DD   DOW   DRD   DRV   DRYS   EDMC   EDV.CA   ENB   ESI   EXPE   EXXI   F   FB   FNF   GASL   GBU.CA   GDX   GDXJ   GRPN   HBAN   HGG   HON   HYG   IBM   IDU   ILF   INTC   IWM   K   KIM   KO   MCHP   MCK   MSFT   MU   MUX   NFX   NOBL   NPSP   NRG   PBR.A   PFE   PG   POM   REW   RKT   SB   SBUX   SGMO   SH   SPG   SPY   T   TNA   TROW   TRX   TSCO   TWC   TXT   UAL   UFS   V   VAW   VRS   WFC   WMT   WTI   XLP   XOM   XOP   ZQK
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Weekly Market Wrap: October 12, 2012 | Market News Video | Copyright © 2008 - 2014, All Rights Reserved

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