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

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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."