It's been a whipsaw day on Wall Street with traders trying to buy market bottoms.» Read More
The 2nd U.S. Circuit Court of Appeals in New York directed two lower court judges on Wednesday to reexamine whether they had the authority to force compliance with court orders freezing accounts in China in light of a U.S. Supreme Court decision limiting federal court jurisdiction over foreign corporations.
Dorothy Lakner, Managing Director & Analyst at Topeka Capital Markets, attributes the jump in Tiffany's earnings to product innovation and strength in the U.S. jewelry sector.
NEW YORK, Aug 27- U.S. stocks were little changed on Wednesday, with the S&P 500 creeping up to another record closing high in a lethargic session, though a number of retail stocks traded heavily after reporting results.
Stocks were little moved Wednesday as Wall Street caught its breath, a day after the S&P 500's first close above 2,000.
NEW YORK, Aug 27- U.S. stocks were little changed on Wednesday, holding near record highs on a day of light volume, though a number of retail stocks traded heavily after reporting results. Both Tiffany& Co and apparel retailer Express Inc rose after posting quarterly revenue that topped expectations and raising their full-year profit views.
Both Tiffany& Co and Express Inc rose after posting second-quarter revenue that topped expectations and raising their full-year profit views. On the downside, Chico's FAS Inc fell 3.2 percent to $15.51 after its results. Best Buy Co Inc was the S&P 500' s biggest percentage gainer, up 5 percent at $31.28, rebounding from a drop of 6.8 percent on Tuesday.
Tiffany reports color diamonds, yellow gold jewelry and the Atlas Collection are popular among consumers. FMHR trader Josh Brown says if you don't own this stock, "pray for dips to own it," while Mike Murphy is more cautious.
*Americas, Asia-Pacific sales growth buoys results. Aug 27- Upscale jeweler Tiffany& Co raised its full-year profit forecast for a second time following a better-than-expected rise in quarterly profit, driven by strong sales and higher prices for its high-end jewelry in the Americas, its biggest market.
Tiffany delivered earnings that surpassed analysts' expectations on Wednesday, and the retailer raised its full-year outlook.
Discussing the Tiffany brand and the state of retail, with Oliver Chen, Citigroup retail analyst, and James Fallon, Women's Wear Daily editor.
*S&P 500 coming off first close above 2,000. NEW YORK, Aug 27- U.S. stocks were flat on Wednesday as investors found few reasons to extend a rally that has taken indexes to repeated records, even though market valuations were not seen as unduly stretched.
Paul Swinand, Morningstar retail analyst, and Edward Yruma, KeyBanc Capital Markets, weigh in on Tiffany's earnings in U.S. and Europe, and the management transition.
The "Squawk on the Street" news team discusses Tiffany's Q2 earnings beat. The retailer cited an increase in worldwide net sales largely in the Americas and Asia-Pacific regions.
*Upswing seen as intact but volume has been light. NEW YORK, Aug 27- U.S. stock index futures pointed to a flat open on Wednesday, as investors found few reasons to keep buying after a rally that has taken indexes to repeated records, even as there was little seen on the horizon that could derail the rally.
Wall Street looked set to open higher on Wednesday, after the S&P 500 closed above 2,000 for the first time.
Some of the names on the move ahead of the open.
Aug 27- Upscale jeweler Tiffany& Co raised its full-year profit forecast for a second time following a better-than-expected quarterly profit, driven by strong sales in the Americas and Asia-Pacific regions. Same-store sales in the Asia Pacific region grew 7 percent, driven by strong demand in Greater China and Australia.
Dana Telsey, Telsey Advisory Group CEO, breaks down the luxury retailers second quarter numbers and provides her takes on the outlook for retail.
Aug 27- Upscale jeweler Tiffany& Co reported a 16 percent rise in quarterly profit as sales grew strongly in the Americas and the Asia-Pacific region. The company's net income rose to $124.1 million, or 96 cents per share, in the second quarter ended July 31, from $106.8 million, or 83 cents per share, a year earlier.
*Upswing seen as intact, but volume has been light. NEW YORK, Aug 27- U.S. stock index futures were slightly higher on Wednesday, suggesting the market's recent upswing that has taken indexes to repeated records, was set to continue with little on the horizon to derail the rally. Federal Reserve stimulus and the conflict between Ukraine and Russia.