Markets & Finance

Tiffany & Co. Sinks


Tiffany & Co. (TIF) posted lower-than-expected 25 cents, vs. 28 cents second-quarter earnings per share despite a 10% rise in U.S. same-store sales. Sales in Japan were weak. Banc of America downgraded to neutral from buy. S&P cut its estimate and target.

Cyberonics (CYBX) posted a 12-cent first-quarter loss, vs. 10 cents earnings per share on 5.7% lower net sales. Cyberonic sees flat second-quarter sequential sales growth, and a 38-cent loss. The FDA notified Cyberonics that its pre-marketing approval supplement for its VNS device, absent additional information, isn't approvable. Edwards downgraded to sell from buy.

Hewlett-Packard (HPQ) posted 24 cents, vs. 23 cents third-quarter earnings per share (non-GAAP) on a 9% revenue rise. H-P posted 19 cents GAAP earnings per share. The technology company sees fourth-quarter revenue of $21 billion to $21.5 billion, and 35 cents to 39 cents earnings per share (non-GAAP), short of analysts' expectations. S&P keeps the hold ranking, and Goldman keeps the in-line rating.

AnnTaylor (ANN) posted 41 cents, vs. 30 cents second-quarter earnings per share on 7% higher same-store sales and a 21% net sales rise. The women's retailer sees flat-to-slightly negative August same-store sales, and $1.79 to $1.83 fiscal 2005 earnings per share. S&P keeps accumulate. First Albany raised its estimate.

Pep Boys (PBY) posted 29 cents, vs. 30 cents second-quarter earnings per share from continuing operations despite 6.9% higher same-store sales and 6.7% higher total sales. S&P cut its estimates and maintains the hold ranking.

Deutsche Bank downgraded RF Micro Devices (RFMD) to sell from hold.

Target (TGT) posted $1.54, vs. 39 cents second-quarter EPS (GAAP) on 10% higher total revenues.

UBS Financial downgraded Corning (GLW) to neutral from buy.

Wal-Mart (WMT) posted 62 cents, vs. 56 cents second-quarter earnings per share on a 4.1% rise in total U.S. same-store sales and a 11% total sales rise. Revenue rose 11.3% to $69.7 billion. Analysts were expecting 61 cents earnings per share, on average. The world's largest retailer says it's on track for another record year.

Urban Outfitters (URBN) posted 25 cents, vs. 12 cents second-quarter earnings per share on a 26% rise in total same-store sales and a 54% total sales rise.

Media giant News Corp. (NWS) posted 29 cents, vs. 24 cents fourth-quarter earnings per American Depositary Receipt on a 20% revenue rise.

Children's Place (PLCE) posted a 37-cent second-quarter loss, vs. a 35-cent loss despite a 10% rise in same-store sales and a 19% rise in total sales. The retailer continues to anticipate fiscal 2005 earnings per share growth of about 40%.

Mamma.com (MAMA) posted 1 cent second-quarter earnings per share vs. a 7-cent loss on an 88% revenue rise.

Watson Wyatt (WW) posted 39 cents, vs. 38 cents fourth-quarter earnings per share on a slight revenue rise. The human-resources consulting firm sees 38 cents to 40 cents first-quarter earnings per share, and $1.63 to $1.65 in fiscal 2005. Watson Wyatt sees increased fiscal 2005 operating expenses due to higher insurance premiums, additional professional fees, and higher compensation.


Steve Ballmer, Power Forward
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