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Mid-Morning Market Update: Markets Mostly Flat; Tiffany Lifts Profit Forecast

By: Benzinga
Posted: 11/26/2013 11:06:00 AM
Referenced Stocks: DSW;JOSB;MW;NUAN;TIF

Following the market opening Tuesday, the Dow traded up 0.04 percent to 16,078.45 while the NASDAQ declined 0.06 percent to 3,992.13. The S&P also fell, dropping 0.02 percent to 1,802.06.

Top Headline Tiffany & Co (NYSE: TIF ) reported a 50% surge in its third-quarter profit and lifted its outlook. Tiffany's quarterly profit gained to $94.6 million, or $0.73 per share, versus a year-ago profit of $63.2 million, or $0.49 per share. Its revenue climbed to $911.5 million from $852.7 million, while same-store sales rose 7%. However, analysts were estimating earnings of $0.58 per share on revenue of $888 million. Tiffany lifted its full-year earnings forecast to $3.65 to $3.75 per share, versus its earlier outlook of $3.50 to $3.60 per share.

Equities Trading UP Jos. A Bank Clothiers (NASDAQ: JOSB ) shot up 11.82 percent to $56.58 after Men's Wearhouse (NYSE: MW ) proposed to acquire Jos. A. Bank for $55 per share in cash.

Shares of Workday (NYSE: WDAY ) got a boost, shooting up 11.61 percent to $81.81 after the company posted a narrower-than-expected third-quarter loss and issued upbeat fourth-quarter revenue forecast.

Palo Alto Networks (NYSE: PANW ) was also up, gaining 6.34 percent to $49.03 after the company reported better-than-expected fiscal first-quarter results.

Equities Trading DOWN Shares of Nuance Communications (NASDAQ: NUAN ) were down 11.51 percent to $14.15 after the company issued a downbeat outlook. Wedbush downgraded the stock from Outperform to Neutral.

DSW (NYSE: DSW ) shares tumbled 6.54 percent to $44.13 after the company reported weak Q3 revenue. 21Vianet Group (NASDAQ: VNET ) was down, falling 7.72 percent to $16.98 after the company reported its un-audited Q3 financial results. Pacific Crest downgraded the stock from Outperform to Sector Perform. Commodities In commodity news, oil traded down 0.20 percent to $93.90, while gold traded up 0.19 percent to $1,243.90. Silver traded up 0.17 percent Tuesday to $19.96, while copper fell 0.36 percent to $3.22.

Eurozone European shares today. The Spanish Ibex Index rose 0.38 percent, while Italy's FTSE MIB Index gained 0.20 percent. Meanwhile, the German DAX surged 0.04 percent and the French CAC 40 declined 0.31 percent while U.K. shares fell 0.45 percent.

Economics The ICSC-Goldman Sachs store sales index rose 2.6% in the week ended Saturday versus the earlier week. The Johnson Redbook Retail Sales Index declined 0.5% in the first three weeks of November from October. US house prices rose 0.3% in September, and gained 8.5% y/y, according to the Federal Housing Finance Agency. The S&P/Case-Shiller home price index climbed 0.7% in September and rose 13.3% y/y. US building permits rose 6.2% to an annual rate of 1.03 million in October, versus a revised 974,000 in September. The Richmond Fed manufacturing index rose to 13.00 in November, from a prior reading of 1.00. However, economists were expecting a reading of 4.00. The Conference Board's consumer confidence index fell to 70.40 in November, versus a prior reading of 71.20. However, economists were expecting reading of 72.60. The Treasury is set to auction 4-week bills and 5-year notes.

(c) 2013 Benzinga does not provide investment advice. All rights reserved.

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