Shares of Tiffany & Co. (NYSE: TIF) climbed about 4% by afternoon trade on Tuesday after the luxury jewelry maker reported better-than-expected fiscal first quarter results, led by strong growth in international markets. For the fiscal first quarter ended April 30, the Company reported adjusted earnings of $89 million or 70 cents a share. Sales during the period rose 9.3% to $895.5 million (excluding the impact of foreign exchange fluctuation, sales jumped 13%).
Analysts’ consensus estimate was earnings of 52 cents a share in revenue of $855 million, according to a data compiled by Thomson Reuters. Comparable-store-sales increased 4%, comfortably beating analysts’ forecast for 1.5% rise. Gross margin contracted to 56.2% from 57.3%. The Company reiterated its full-year guidance. Sales in Asia Pacific climbed 15% while in Japan alone it climbed 20%.
In the Americas, total sales increased 6% to $408 million while in Europe total sales also rose 6% to $93 million but excluding the impact of foreign currency fluctuation, sales rose 8% and 6% respectively.
Shares of Exelon Corporation (NYSE: EXC) slumped about 7.20% by afternoon trade. Analysts at BMO Capital Markets maintained their “market-perform” rating on the stock, in their research report released on Tuesday. The firm currently maintains a price target of $36. Separately, analysts at Deutsche Bank downgraded their rating on the stock to “hold” from “buy” rating on Tuesday. Earlier on Monday, analysts at Sanford C. Bernstein maintained “market-perform” rating on the stock and now have a price target of $32.
Separately the company announced on Monday that Kenneth W. Cornew, who previously served as an executive vice president and chief commercial officer, Exelon, and president and CEO of Exelon business unit Constellation, was appointed as the senior VP and Chief Commercial Officer, Exelon and President and CEO of Exelon Generation.
Valeant Pharmaceuticals International Inc. (NYSE: VRX) rallied about 8% by afternoon trade after the Canadian drug maker announced on Monday that it has agreed to buy Bausch & Lomb from Warbug Pincus in an all-cash deal, estimated at $8.7 billion. The deal is expected to close in the third quarter of the current year, subject to regulatory approval.
Shares of FirstEnergy Corp. (NYSE: FE) slumped about 7.40% by afternoon trade after analysts at Credit Suisse downgraded the stock from “outperform” to “neutral” rating, citing pressure on energy prices due to oversupply. The firm lowered its price target to $40 from %45. However, the research report also pointed out few positives for the FirstEnergy Corp. The research report said that a potential rise in natural gas price could push up power prices which in turn would boost company’s profitability.
Shares of Trulia Inc. (NYSE: TRLA) climbed about 4.90% by afternoon trade after Goldman Sachs lifted the rating on the stock to “buy” from “neutral”. Goldman Sachs pointed out that the real estate website was narrowing its valuation gap with its rival Zillow.
Shares of Tesla Motors Inc. (NASDAQ: TSLA) climbed about 6.80% by afternoon trading. Investors are bullish on the stock due to recent upbeat comments from Goldman Sachs and electric car maker’s successful stock and note offering last week, which generated about $1 billion.
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