This eleventh trading week of 2013 comes to a close with investors sending stocks lower amidst fears that rising inflation will cause the Federal Reserve to retreat from market boosting policies.
Hi. I'm Kristin Bianco. Welcome to the 'Weekly Market Wrap' for March 15, 2013.
The S&P 500, the Nasdaq and the Dow Jones Industrial Average were higher for the week in afternoon trading.
Crude oil futures are higher this week, trading around $93.35 per barrel on Friday afternoon.
Gold futures are lower this week, trading at $1592.60 an ounce in afternoon trading.
In notable economic news this week, the number of Americans filing new claims for jobless benefits fell last week while the four-week moving average also hit a near five-year low. Applications for unemployment insurance payments fell by 10,000 to 332,000, according to the Labor Department, representing the second-lowest level in five years, and below market expectations of 350,000 reading. The four-week moving average was lower by 2,750 to 346,750.
In corporate news, Costco (NASDAQ:COST) announced that quarterly profit was higher by 39 percent due to increased sales as well as membership fees. The company earned $547 million, or $1.24 per share, during the fiscal second quarter, versus a profit of $394 million, or 90 cents per share, in the same period last year. Net sales were higher by eight percent to $24.34 billion. Revenue from membership fees increased by 15 percent to $528 million during the quarter.
Shares are higher in early trading.
Diamond Foods (NASDAQ:DMND) announced that it earned five cents per share during the most recent fiscal quarter versus one cent per share in the same period last year. Including one time items, the company earned 43 cents per share versus a loss of 93 cents per share during the same period last year. Total sales were $220.8 million, 15.8 percent lower from the $262.4 million reported in the same period last year, and below estimates of $241 million.
Kirkland's (NASDAQ:KIRK) announced that earnings fell by six percent in the fourth quarter versus the same period last year. The company earned $14.2 million, or 83 cents per share on revenue of $162 million. Analysts had expected earnings of 74 cents per share on revenue of $162 million. Comparable store sales decreased by 2.6 percent.
Shares are lower by about a tenth of a percent.
Core-Mark Holding (NASDAQ:CORE) announced that profit in the fourth quarter increased by more than 86 percent, helped by recent acquisitions. The company earned $9.7 million, or 83 cents per share, versus a profit of $5.2 million, or 45 cents per share, in the same period last year. Revenue increased by about three percent to $2.19 billion from $2.13 billion. Results were below expectations, however, with analysts expecting a profit of 82 cents per share on revenue of $2.24 billion.
Sucampo Pharmaceuticals (NASDAQ:SCMP) announced that earnings increased to $13.5 million, or 32 cents per share, up from $2.7 million, or 6 cents per share. Revenue increased to $34.9 million from $14.2 million, while research and development revenue increased to $15.2 million from $2.7 million, and royalty payments increased from $10.8 million to $14.2 million. Product sales increased to $5 million versus none in the same period last year.
This is the 'Weekly Market Wrap' for Friday March 15, 2013. Please join us on Monday for the Week Ahead Market Report.
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