By Sue Chang and Saumya Vaishampayan, MarketWatch
SAN FRANCISCO (MarketWatch)--Tiffany & Co. jumped Wednesday after the luxury retailer posted stronger-than-expected earnings, while Netflix Inc. rose after announcing plans to expand services to six European countries.
Tiffany (TIF) shares rallied 8.9%. The jeweler on Wednesday posted first-quarter results that beat estimates, reporting per-share earnings of 97 cents on sales of $1 billion. Tiffany raised its fiscal 2015 earnings outlook to a range of $4.15 to $4.25 a share and said it expects sales to rise by a percentage in the high single digits.
Netflix(NFLX) shares gained 4.3%. The video-streaming company said Wednesday that it will launch in Germany, Austria, Switzerland, France, Belgium and Luxembourg later this year. Netflix will release details on pricing and programming later.
U.S.-listed shares of Trina Solar Ltd. (TSL) soared 32% after first-quarter earnings beat expectations. The Chinese company on Wednesday swung to a profit of $26.5 million, or 37 cents a share, from a year-earlier loss of $63.7 million, or 90 cents a share. Net revenue rose to $444.8 million from $260.2 million in the year-ago period. Analysts polled by FactSet had expected earnings of 3 cents on revenue of $441.9 million.
TJX Cos. (TJX) shares climbed 5%, recovering from the previous session's steep losses. The retailer said Tuesday its first-quarter earnings edged up but trimmed the top end of its fiscal-year earnings outlook.
PetSmart Inc. (PETM) shares dropped 8%. The company on Wednesday reported first-quarter sales of $1.73 billion, which fell short of estimates. PetSmart also said it expects fiscal 2014 same-store sales to be "relatively flat," net sales growth in the low single digits, and per-share earnings of between $4.29 and $4.39. "We did not achieve our sales goals, which were impacted by a challenging and volatile consumer environment and a competitive market," said David Lenhardt, PetSmart's chief executive.
Salesforce.com Inc. (CRM) shares fell 5.1% after the Web-based business software applications company late Tuesday reported a first-quarter loss of $96.9 million, or 16 cents a share, compared with a loss of $67.7 million, or 12 cents a share, in the year-ago period.
Hormel Foods Corp. shares (HRL) shed 2.8%. The food manufacturer posted second-quarter earnings of 52 cents a share, which missed Wall Street expectations. Hormel said it expects full-year earnings to be toward the lower end of its previous outlook of $2.17 to $2.27 a share, pressured by higher costs of pork, beef, turkey and avocado.
Frontier Communications Corp. (FTR) shares fell 5.3%. The stock is up roughly 20% so far in 2014.
Tickers to Watch
EBAY: EBay Inc. (EBAY) shares fell 0.4%. The online commerce site on Wednesday notified customers to change their passwords following a cyberattack that compromised a database containing encrypted passwords.
INTU: Intuit Inc. (INTU) shares recovered from earlier losses to rise 0.8%. The tax software company on Tuesday said its fiscal third-quarter profit rose 20% to $984 million, or $3.39 a share. Excluding items, the company said it earned $3.53 a share. The company had previously forecast per-share earnings of $3.46 to $3.51.
TGT: Target Corp. (TGT) shares rose 1.1% after the retailer early Wednesday reported first-quarter adjusted earnings of 70 cents a share, below the 71 cents a share forecast by analysts in a FactSet survey.
AIG: Shares of American International Group Inc. (AIG) climbed 1.9%. The stock was upgraded to buy with a new 12-month price target of $63 at Goldman Sachs.
More must-reads on MarketWatch:
Microsoft bills new Surface tablet as laptop killer
Treasury's Jack Lew talks yuan, slowing China economy
Major U.S. benchmarks approach bull-bear tipping point
-Sue Chang; 415-439-6400; AskNewswires@dowjones.com
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05-21-14 1545ETCopyright (c) 2014 Dow Jones & Company, Inc.
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