5-21-14 11:45 AM EDT | Email Article
 

By Sue Chang and Saumya Vaishampayan, MarketWatch

 

SAN FRANCISCO (MarketWatch) -- Tiffany & Co. jumped Wednesday after the luxury retailer posted stronger-than-expected earnings, while PetSmart Inc. was the biggest S&P 500 loser on weak results.

 

Tiffany (TIF) shares rose 8.7%. 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.

 

EBay Inc. (EBAY) shares fell 0.6%. The online commerce site on Wednesday notified customers to change their passwords following a cyberattack that compromised a database containing encrypted passwords.

 

Gainers

 

U.S.-listed shares of Trina Solar Ltd. (TSL) surged 24% 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.

 

Shares of American International Group Inc. (AIG) rose 2.6%. The stock was upgraded to buy with a new 12-month price target of $63 at Goldman Sachs.

 

Tenet Healthcare Corp. (THC) shares gained 2.9%. Tenet and Cigna Corp. (CI) reached an agreement for Tenet to extend coverage to Cigna's customers in-network access to hospitals and medica facilities operated by Tenet, according to reports.

 

TJX Cos. (TJX) shares climbed 2.6%, 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.

 

Decliners

 

PetSmart Inc. (PETM) shares dropped 4.7%. 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.

 

Hormel Foods Corp. shares (HRL) shed 3.1%. 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.

 

Salesforce.com Inc. (CRM) shares fell 4.5% 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.

 

Tickers to Watch

 

INTU: Intuit Inc. (INTU) shares recovered from earlier losses to rise 1%. 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 hugged the flatline 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.

 

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

 

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


(END) Dow Jones Newswires

05-21-14 1145ET

Copyright (c) 2014 Dow Jones & Company, Inc.
Copyright 2014 MarketWatch
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Morningstar - - UPDATE: Tiffany shines on strong results; PetSmart drops
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