Weekly Market Wrap December 7, 2012
Friday, December 7, 5:10 PM ET

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Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for December 7, 2012.

The Dow Jones Industrial Average was higher, the S&P 500 as about even, and the Nasdaq was lower for the week.

Crude oil futures are lower this week, trading around $86.06 per barrel on Friday afternoon.

Gold futures are lower this week, trading at $1703.03 an ounce in afternoon trading.

In notable economic news this week, the Labor Department announced that jobless claims decreased by 25,000 to 370,000 in the week ended December 1, as the lingering effects from Hurricane Sandy waned.

In corporate news this week, Big Lots (NYSE:BIG) announced a loss of 10 cents per share for the fiscal third quarter, versus earnings of 6 cents per share in the same period last year. Analysts had expected a loss of 24 cents per share. Total revenue was $1.134 billion, slightly lower than the same period last year. Analysts had expected revenue of $1.139 billion.

AeroVironment (NASDAQ:AVAV), a maker of unmanned aircraft, announced that fiscal third quarter profit increased by 32 percent, due to stronger sales and increased gross margin. The company earned $8.7 million, or 39 cents per share, versus $6.6 million, or 30 cents per share, in the same period last year. Analysts had expected earnings of 22 cents per share. Revenue decreased to $80.3 million from $80.4 million, while analysts expected $76.7 million.

Internet radio company Pandora (P) announced that revenue was $120 million during the third quarter, and profits were slighlty more than $2 million, or five cents per share. Revenue was 60% higher than the same period last year. Guidance for the fourth quarter, however, was below analyst estimates, with the company anticipating revenue of $120 million to $123 million and a loss of $0.06-$0.09 per share. Analysts had expected a top line of $130 million and earnings of $0.01 per share. For 2013, the company believes that revenue will be $422 million to $425 million, with a net loss of $0.09-$0.12 per share.

H&R Block (NYSE:HRB) announced that it lost $105.2 million, or 29 cents per share, in the most recent fiscal quarter, versus a loss of $141.7 million, or 47 cents per share, in the same period last year. Revenue increase by 6 percent to $137.3 million. Revenue from tax services increased due to a strong tax season in Australia, but corporate revenue fell due to lower interest income from the smaller mortgage portfolio.

Lululemon (NASDAQ:LULU) announced that net income increased to $57.3 million, or 39 cents per share, versus $38.8 million, or 27 cents per share, in the same period last year. Revenue increased by 37 percent to $316.5 million, versus $230.2 million in the same period last year. Analysts had expected earnings of 37 cents per share and revenue of $305.3 million. Same store sales increased by 18 percent.

This is the 'Weekly Market Wrap' for Friday December 7, 2012. Please join us on Monday for the 'Week Ahead Market Report.

For MarketNewsVideo.com, I'm Sayoko Murase.