Stocks Finish June in Fine Fashion
August crude oil futures surged $7.27 to settle at $84.96 a barrel, while August gold futures soared $53.80 to settle at $1604.20 an ounce.
The benchmark 10-year Treasury shed 20/32, raising the yield to 1.654%, while the greenback made a major move, sliding back 1.33%, according to the dollar index.
In corporate news, Research In Motion (RIMM) was a big mover to the downside after disappointing Wall Street Thursday with its fiscal first-quarter results.
The BlackBerry maker reported a much wider-than-anticipated loss , pushed back the launch of the BlackBerry 10 until the first calendar quarter of 2013 and announced plans to lay off 5,000 employees, roughly 30% of its work force. The stock finished down 19%.Nike (NKE) posted fiscal fourth-quarter earnings on Thursday that missed analysts' expectations. The sneaker maker reported a profit of $549 million, or $1.17 a share, on revenue of $6.47 billion for the three months ended in May; analysts were expecting earnings of $1.37 a share on revenue of $6.51 billion. The company attributed the year-over-year decline in earnings to lower gross margin, higher SG&A spending, a higher effective tax rate and costs related to restructuring operations in western Europe. Shares lost more than 9% on the day. Anheuser-Busch InBev (BUD), the world's largest brewer, confirmed Friday that it would buy the rest of Mexican brewer Grupo Modelo that it doesn't already own for $20.1 billion. The stock gained nearly 8%. Constellation Brands (STZ) said it would buy the remaining 50% of Crown Imports that it doesn't already own from Anheuser-Busch for $1.85 billion following Anheuser-Busch's deal to buy Modelo. Shares of Constellation, which also reported an above-consensus profit for its fiscal first quarter, rose more than 24%.
2012 Stock Predictions and Outlook
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