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Tiffany (TIF) had gained more than 20% this year heading into its earnings release this morning, a sign that the market was betting it could avoid some of the pain experienced by other retailers. Whoops. Getty Images There was nothing wrong with Tiffany’s earnings themselves–it reported a profit of 74 cents a share, beating forecasts for 70 cents. Sales, however, were disappointing, as revenue of $899.6 million came in below the Street consensus for $914.7 million, while same-store sales slipped 3%, while the market was expecting 1.6% growth. Cowen’s Oliver Chen and team aren’t ready to throw in the towel on Tiffany. They explain why: Strategically, we continue to appreciate the company’s focus on product, stores, and marketing–which are necessary efforts to drive more sustainable growth and inventory and capital allocation. We believe the Americas comp is likely volatile given changes in tourism flow, the need for more local customer demand, and the opportunity to …

Market Drivers  May 23, 2017 GE PMI and IFO beats Manchester terror bombing grips UK Nikkei -0.33% Dax 0.48% Oil $50/bbl Gold $1260/oz.Europe and Asia:EUR EZ PMI 56.8 vs. 56.6EUR IFO 114.6 vs. 113.1GBP UK PSNB 9.6B vs. 8.1BNorth America:CAD Wholesale Sales 8:30USD New Home Sales 10:00 The euro hit fresh yearly highs in morning European dealing today after better than expected PMI and IFO data fueled another round of buying in the currency. The Eurozone composite PMI came in at 56.8 versus 56.6 – well above the boom/bust line of 50 as the recovery in the region continues. The PMI readings were led by better French and German data which saw their results rise this month as well with only the German services report slightly missing its mark at 55.2 versus 55.5 eyed. The good news was confirmed by the German IFO readings as well which printed at 114.6 versus 113.1 forecast. Both inventory …

The US dollar cannot get out of its own way, it seems.  With a light economic schedule, there is little to offset the continued drumbeat of troubling political developments.  The latest turn, as reported first in the Washington Post, that President Trump asked heads of intelligence groups to also publicly deny collusion with Russia.   We are again struck by the pattern in American politics where the cover-up is often worse than the actual malfeasance.  We are also concernedthat the opposition is leaning ahead of its skis to the extent that it insist on impeachment talk before the investigations by the Senate and House have fully gotten underway.   At the same time, in terms of sequencing, news about tax cuts, deregulation, and infrastructure spending is taking a backseat to Trump’s budget for FY18, formally submitted yesterday.  It calls for $3.6 trillion in spending cuts over the next decade. There are few additional details from the earlier …

Expected Earnings Release: 05/23/2017, Premarket Avg. Extended-Hours Dollar Volume: $1,492,559 Cracker Barrel Old Country Store Inc ( CBRL ) is due to issue its quarterly earnings report in the upcoming extended-hours session. Given its history, traders can expect light trading in the issue immediately following its quarterly earnings announcement. Historical earnings event related premarket and after-hours trading activity in CBRL indicates that the price change in the extended hours is likely to be of significant value in forecasting additional price movement by the following regular session close. Last 12 Qtrs Positive Only Price Reactions Percent of time added to extended-hours gains: 71.4% Average next regular session additional gain: 3.3% Over the prior three fiscal years (12 quarters), when shares of CBRL rose in the extended-hours session in reaction to its earnings announcement, history shows that 71.4% of the time (5 events) the stock posted additional gains in the following regular session by an average of …

Expected Earnings Release: 05/23/2017, Premarket Avg. Extended-Hours Dollar Volume: $1,904,689 Toll Brothers Inc. ( TOL ) is due to issue its quarterly earnings report in the upcoming extended-hours session. Given its history, traders can expect light trading in the issue immediately following its quarterly earnings announcement. Historical earnings event related premarket and after-hours trading activity in TOL indicates that the price change in the extended hours is likely to be of significant value in forecasting additional price movement by the following regular session close. Last 12 Qtrs Positive Only Price Reactions Percent of time added to extended-hours gains: 60% Average next regular session additional gain: 3.1% Over the prior three fiscal years (12 quarters), when shares of TOL rose in the extended-hours session in reaction to its earnings announcement, history shows that 60.0% of the time (6 events) the stock posted additional gains in the following regular session by an average of 3.1%. Last 12 …

Expected Earnings Release: 05/23/2017, Premarket Avg. Extended-Hours Dollar Volume: $3,769,040 DSW Inc. ( DSW ) is due to issue its quarterly earnings report in the upcoming extended-hours session. Given its history, traders can expect light trading in the issue immediately following its quarterly earnings announcement. Historical earnings event related premarket and after-hours trading activity in DSW indicates that the price change in the extended hours is likely to be of limited value in forecasting additional price movement by the following regular session close. Last 12 Qtrs Positive Only Price Reactions Percent of time added to extended-hours gains: 12.5% Average next regular session additional gain: 1.1% Over the prior three fiscal years (12 quarters), when shares of DSW rose in the extended-hours session in reaction to its earnings announcement, history shows that 12.5% of the time (1 event) the stock posted additional gains in the following regular session by an average of 1.1%. Last 12 Qtrs …

Expected Earnings Release: 05/23/2017, Premarket Avg. Extended-Hours Dollar Volume: $4,651,492 MOPALS ( MOMO ) is due to issue its quarterly earnings report in the upcoming extended-hours session. Given its history, traders can expect light trading in the issue immediately following its quarterly earnings announcement. Historical earnings event related premarket and after-hours trading activity in MOMO indicates that the price change in the extended hours is likely to be of limited value in forecasting additional price movement by the following regular session close. Last 12 Qtrs Positive Only Price Reactions Percent of time added to extended-hours gains: 50% Average next regular session additional gain: 2.8% Over the prior three fiscal years (12 quarters), when shares of MOMO rose in the extended-hours session in reaction to its earnings announcement, history shows that 50.0% of the time (2 events) the stock posted additional gains in the following regular session by an average of 2.8%. Last 12 Qtrs Negative …

The first four months of this year were not favorable for the overall U.S. real estate investment trust (REIT) industry. Uncertainty and restrained trading activity took a toll on returns. The FTSE/NAREIT All REITs Index registered a  total return  of 3.5% in the first four months of 2017, lagging the SP 500’s stellar 7.2%. Specifically, Equity REITs, which comprised a majority of the total REIT market, came up with a weak performance, with the FTSE NAREIT All Equity REITs Index finishing April with a total return of 2.99%. Admittedly, the concerns surrounding rate hikes and movements of treasury yields made investors skeptical about investing in REIT stocks. This is because REITs are typically dependent on debt for their business. Also, they are often considered as bond substitutes for their high and consistent dividend-paying nature. Apart from these, fundamentals of some of the underlying asset categories provided headwinds and drove away gains. Particularly, the retail REIT …

Thursday’s session closes with the NASDAQ Composite Index at 6,055.13. The total shares traded for the NASDAQ was over 2.2 billion. Advancers stocks led declining by 1.35 to 1 ratio. There were 1651 advancers and 1225 decliners for the day. On the NASDAQ Stock Exchange 30 stocks reached a 52 week high and 62 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page. The NASDAQ 100 index closed up .82% for the day; a total of 45.76 points. The current value is 5,626.31. Cisco Systems, Inc. ( CSCO ) had the largest percent change down (-7.21%) while Incyte Corporation ( INCY ) had the largest percent change gain rising 6.91%. The Dow Jones index closed up .27% for the day; a total of 56.09 points. The current value is 20,663.02. Cisco Systems, Inc. ( CSCO ) had …

Apparel retailer American Eagle Outfitters  ( AEO ) is not immune to the general softness in the retail market, either. The company reported its first quarter results on May 17, wherein it reported a fall in its earnings to 16 cents per share, excluding restructuring charges, down from 22 cents in the same period last year, missing consensus estimates by a penny. The revenues were up almost 2%, driven by the impressive performance of its lingerie and activewear segment, Aerie, as well as the direct-to-consumer sales. However, the stock price of the company plummeted over 12% in the aftermath of the earnings release, seemingly as a result of the weak guidance provided for the second quarter. The company expects the comparable store sales to be in the flat to a low single digit decline range, and an EPS of $0.15 to $0.17. Excessive promotional activities and a shift to the digital channel pressured the margins in …

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