This holiday shortened thirteen trading week of 2013 comes to a close with investors sending stocks higher.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for March 28, 2013.
The S&P 500, the Nasdaq and the Dow Jones Industrial Average were all higher for the week in afternoon trading.
Crude oil futures are higher this week, trading around $97.04 per barrel on Thursday afternoon.
Gold futures are lower this week, trading at $1595.85 an ounce in afternoon trading.
In notable economic news this week, the National Association of Realtors announced on Wednesday that the Pending Home Sales Index, which is based on contracts that were signed last month fell by 0.4% to 104.8. Despite this, contracts remained at the second highest level in three years. Economists had expected signed contracts to fall 0.2% after a 4.5% increase in January.
In corporate news, Gordmans Stores (GMAN) announced that fourth quarter profit fell by 22 percent and that 2013 has thus far been off to a slow start. The company earned $7.9 million, or 41 cents per share for the quarter versus $10.2 million, or 53 cents per share, in the same period last year. Revenue increased by nine percent to $202.5 million.
Neogen (NASDAQ:NEOG) announced that fiscal third-quarter earnings increased by 27 percent, boosted by increased lab revenue from Europe's horse meat scandal The company earned $6.6 million, or 27 cents per share versus earnings of $5.2 million, or 22 cents per share, in the same period last year. Revenue increased by 14 percent to $51.1 million. Analyst expected earnings to be 27 cents per share on revenue of $50.8 million.
Mattress Firm Holding (MFRM) announced that income in the fourth quarter fell sharply on acquisition related costs. The company said that it earned $7.6 million, or 22 cents per share, down from $17.4 million, or 56 cents per share, in the same quarter last year. Excluding items, the company earned 30 cents per share. Net revenue increased by 37 percent to $258.2 million, and same store sales fell by 1.6 percent. Analysts had expected the company to earn 32 cents per share on revenue of $262.1 million.
Landec (LNDC), a food packaging supplier, announced that third quarter earnings were flat and expected revenue to fall during the quarter quarter. The company predicted fourth quarter income fo between $4 million and $4.5 million on revenue of $101 million to $105 million, while analysts expected income of $4.3 million on revenue of $108.7 million. For the current quarter, the company reported adjusted earnings per share of $0.18 and revenue rose 47.26% to $117.9 million. Analysts had expected earnings of $0.17 on revenues of $109.51 million.
Paychex (NASDAQ:PAYX) announced that it earned $144.5 million, a 6.7% increase versus earnings of $135.4 million in the same period last year. Expenses were $368.3 million, 2.6% higher than the same period last year. Revenue was $593.3 million, 4.2% higher than the $569.5 million reported last year.
This is the 'Weekly Market Wrap' for Thursday, March 28, 2013. Please join us on Monday for the Week Ahead Market Report.
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