Finances

Marriott International, Inc. (MAR) reported its second-quarter results last week. The company reported a slight increase in profit due to increases in room and occupancy rates.

For the quarter, Marriott reported net income of $143 million. The company's income was up 13% compared to the same period last year.

On an earnings-per-share (EPS) basis, Marriott reported earnings of $0.42. This is an increase of 24% from the EPS one year ago and puts Marriott at the higher end of its earnings forecast. Forecasts expected Marriott to report EPS of $0.39 to $0.43 per share.

Marriott's President and Chief Executive Officer Arne M. Sorenson said, "In the second quarter, our business performed well in most markets around the world. In North America, strengthening group business, more travel by our special corporate customers, especially in the technology and consulting industries and the impact of modest supply growth, drove our occupancy and room rates higher."

Shares of Marriott International, Inc. (MAR, Cl A) closed the week trading at $36.06.

Materials Producer Chase Reports Earnings

Chase Corporation, a leading manufacturer of protective materials, reported its latest earnings last week. The company's product lines include industrial materials and construction materials.

Chase reported revenue of $35.1 million for its third quarter. Revenue was up 7.7% from the same period last year in which the company reported revenue of $32.6 million.

The company's net income was also up. Chase reported net income of $3.37 million, an increase of 13.5% in the comparable period last year. On an earnings-per-share basis, Chase reported earnings of $0.37, up by $0.04 per share.

Chase Corporation's Chairman and Chief Executive Officer, Peter R. Chase, commented on his company's earnings report. "In late June we completed the largest acquisition in the Company's history. NEPTCO's sales volume brings us to an exciting new level and provides opportunities for integration efficiencies and increased organic growth. We look forward to a strong finish to the year."

Chase Corporation (CCF) ended the week at $15.76 per share.

Chocolate Sales are Rocking

Colorado-based Rocky Mountain Chocolate Factory, Inc. (RMCF) reported its latest earnings last week. The chocolatier produces premium chocolates and confections and operates and franchises chocolate and self-serve frozen yogurt stores.

Rocky Mountain reported revenue of $9.7 million. This represents an increase of 11.8% from the same period last year when the company's revenue totaled $8.6 million.

The company's net income also increased by 15% to $1.06 million. On a per share basis, Rocky Mountain earned $0.17, an increase of 13.3%.

"We are pleased to report a 15.5% increase in net income for the first quarter of Fiscal 2013, compared with a 13.6% earnings increase in the fourth quarter of Fiscal 2012," stated Bryan Merryman, Chief Operating Officer of Rocky Mountain. "Same-store sales increased for the 7th consecutive quarter, when compared with prior-year periods and shipments of product to specialty market customers rose 13.2% relative to the first quarter of Fiscal 2012."

Rocky Mountain Chocolate Factory, Inc. (RMCF) ended the week at $12.15 per share.

The Dow started the week at 12,772 and closed at 12,777. The S&P 500 started the week at 1,355 and ended at 1,357. The NASDAQ started the week at 2,937 and finished at 2,908.

For the second time in as many auctions of U.S. Treasuries, investors in search of safe assets were willing to accept record low yields. The most recent auction involved the sale of $13 billion in 30-year bonds.

The yield for the bonds was 2.58%. This is down from the previous record low of 2.72% on June 14.

As with long-term bonds, mid-range Treasuries were also in demand. 10-year bonds were auctioned at a yield of 1.459%.

Aaron Kohli with New York BNP Paribas SA commented on the auction. Kohli stated, "Investors are still hungry for yield, safety and liquidity in this risk-off environment. Even though yields are incredibly low, it's better than taking a loss in risky assets and the liquidity is worth paying for. That drove the strong demand at the auction."

The 10-year Treasury note yield finished the week at 1.492% while the 30-year Treasury note yield finished the week at 2.579%.

According to the latest Primary Mortgage Market Survey (PMMS), average fixed rate mortgages (FRM) reached all-time record lows. The PMMS is a weekly report issued by Freddie Mac.

Over the course of the week, 30-year FRMs averaged 3.56%. This is down from the week prior when the average rate was 3.62%. A year ago at this time, the 30-year FRM averaged 4.5%

The 15-year FRM also was down last week. For the week, the mortgage averaged 2.86%, down from an average of 2.89% last week and down from an average of 2.65% at this time last year.

Freddie Mac's Frank Nothaft commented on the PMMS. Nothaft, who is the mortgage giant's Vice President and Chief Economist stated, "Following a lackluster employment report for June, long-term U.S. Treasury bond yields eased somewhat this week allowing fixed mortgage rates to reach yet another record low. Only 80,000 net new jobs were added to the economy last month, not enough to lower the unemployment rate from 8.2%."

The money market fund finished this week at 0.50%. The 1-year CD finished at 0.70%.