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Stock Market & Financial Investment News

News Breaks
April 5, 2013
08:42 EDTTIFTiffany should benefit from lower silver prices, says Oppenheimer
Oppenheimer believes that lower silver prices should help Tiffany attract younger, less affluent consumers. The firm raised its price target on the stock to $85 from $75 and maintains an Outperform rating.
News For TIF From The Last 14 Days
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August 28, 2015
16:29 EDTTIFStocks end volatile week higher as China whipsaws U.S. market
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August 27, 2015
16:28 EDTTIFOn The Fly: Top stock stories for Thursday
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12:41 EDTTIFOn The Fly: Top stock stories at midday
Stocks began the session sharply higher, extending the rally that started yesterday. A number of factors may be contributors to today's strength, including China's government intervening in its market last night and pushing its key stock index up 5%, dovish comments made by N.Y. Fed President Bill Dudley yesterday regarding the potential for a September interest rate hike and an upward revision in the estimate of second quarter GDP growth. ECONOMIC EVENTS: In the U.S., the updated estimate of GDP growth showed the economy grew 3.7% in the second quarter, topping expectations for annualized growth to be revised up to 3.2% from the prior estimate of 2.3%. Personal consumption in the quarter rose 3.1%, matching expectations. 271,000 initial jobless claims were filed last week, versus expectations for 274,000 first-time claims. The NAR pending home sales index rose 0.5% in July, missing the expectation for an increase of 1%. In China, the Shanghai composite index rose 5.3%, stemming its recent string of down days, with media reports indicating that the government may have played a role by stepping in to buy stocks. COMPANY NEWS: Shares of St. Jude Medical (STJ) advanced 4.5% after the Financial Times reported, citing sources, that Abbott (ABT) is prepping a takeover offer that would value the medical device maker at $25B. An Abbott spokesperson, however, issued statements to Bloomberg, CNBC and the Wall Street Journal following the report to deny that it is pursuing a bid for St. Jude, which struck a deal in July to acquire fellow medical device manufacturer Thoratec (THOR) for $63.50 per share in cash, or $3.4B, net of cash acquired. Thoratec shares slid 0.5% near noon following the report, as investors may be concerned that the previously announced deal could be jeopardized if Abbott does in fact step in to the situation... Shares of Freeport-McMoRan (FCX) surged 28% this morning after the miner and oil explorer announced plans to cut spending and production, including plans to cut about 10% of employees and contractors at its U.S. mining operations. Freeport has lowered its 2016 capital expenditure budget to $4B, or approximately 29% lower than the $5.6B estimate it issued on July 23, which it said reflects "aggressive" actions in response to current market conditions. MAJOR MOVERS: Among the notable gainers was Movado (MOV), which gained 20% after the company reported better than expected second quarter results and backed its fiscal year earnings view. Also higher following its earnings report was Signet Jewelers (SIG), whose shares rose 13%. Another jeweler reporting earnings this morning, Tiffany (TIF), which slid 3% after the company lowered its fiscal year outlook. Among the other noteworthy losers following their earnings reports were Williams-Sonoma (WSM), which dropped 7%, and Dollar General (DG), which slipped 4%. INDEXES: Near midday, the Dow was up 311.33, or 1.91%, to 16,596.84, the Nasdaq was up 109.30, or 2.33%, to 4,806.83, and the S&P 500 was up 42.77, or 2.2%, to 1,983.28.
10:19 EDTTIFTiffany price target lowered to $79 from $97 at Cantor
Cantor Fitzgerald analyst Laura Champine lowered her price target on Tiffany to $79 from $97 in a post-earnings note to investors after the company cut its FY15 EPS view by about 20c to $3.99-$4.12 per share The analyst, who notes that the Americas region remains the "weakest link" for the jeweler, keeps her Hold rating on Tiffany shares.
09:26 EDTTIFOn The Fly: Pre-market Movers
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08:55 EDTTIFTiffany sees no net earnings growth in Q3 vs. last year's Q3
Says saw weakness in entry level silver, fine jewelry in the U.S. in Q2. Says stores in Hong Kong and Macau continue to experience weakness that began in the second half of last year, says believes Chinese tourists have shifted their traveling and shopping to other markets. Says long-term strategy in China remains the same. Says "difficult to predict" any potential negative impact on sales in Chinese market from recent stock market correction or currency devaluation. Says weaker yen may be boosting domestic spending in Japan. Says plans to increase company operated stores by a net of approximately 12 stores this year. Sees "modest" increase in FY gross margin. Says plans price increases in regions most impacted by forex. Sees "long lead time" before seeing benefit from lower diamond prices. Sees FY effective tax rate similar to last year's 34%. Seeks to keep inventory growth below rate of sales growth. Sees no net earnings growth in Q3 vs. last year's Q3, sees resumption of earnings growth in Q4. Comments made on the Q2 earnings conference call.
07:03 EDTTIFTiffany now sees FY15 EPS 2%-5% below $4.20 last year
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07:02 EDTTIFTiffany CEO: Adverse effects from strong dollar 'more significant' than expected
Frederic Cumenal, CEO, said, "We entered this year expecting translation and tourism-related pressures on sales and earnings from the exceptionally strong U.S. dollar, as well as challenging economic conditions in certain markets. While the adverse effects from the strong dollar have been even more significant than initially expected, we met our overall expectations in the first half of the year. We are pleased with responses to new designs, including our Tiffany T jewelry and CT60 watch collections, and are excited about upcoming additions being made to bolster sales across jewelry categories and price points. Tiffany also expanded its global presence during the quarter by opening six stores across the Americas, Asia-Pacific and Europe."
07:01 EDTTIFTiffany reports Q2 adjusted EPS 86c, consensus 91c
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August 26, 2015
15:00 EDTTIFNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Dollar General (DG), consensus 94c... J. M. Smucker (SJM), consensus $1.23... Tiffany (TIF), consensus 91c... Signet Jewelers (SIG), consensus $1.15... Patterson (PDCO), consensus 54c... Michaels (MIK), consensus 16c... Burlington Stores (BURL), consensus 12c.
13:39 EDTTIFTiffany technical comments before earnings
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August 24, 2015
14:44 EDTTIFTiffany August weekly volatility elevated into Q2 and outlook
Tiffany August weekly call option implied volatility is at 46, October is at 37, November is at 33; compared to its 52-week range of 17 to 41, suggesting large near term price movement into the expected release of Q2 results on August 27.

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