Among the companies with shares expected to actively trade in Wednesday’s session are Tiffany(TIF) & Co., PetSmart Inc.(PETM) and American Eagle Outfitters Inc.(AEO)
Tiffany & Co. said its fiscal first-quarter profit surged 50% on broad sales growth, particularly in the Asia-Pacific region. The high-end jewelry retailer’s results easily topped expectations and the company raised its full-year earnings guidance. Shares rose 7.1% to $94.50 premarket.
PetSmart Inc. cut its full-year outlook and said its fiscal first-quarter sales missed expectations, though the company’s earnings for the quarter edged up 1.3%. Shares fell 7.9% to $57.30 premarket.
American Eagle Outfitters Inc. said its fiscal first-quarter earnings fell 86% as the teen apparel retailer was hit by weaker sales and margins. The company also announced plans to close more stores and provided fiscal second-quarter guidance below expectations. Shares fell 5.6% to $10.70 premarket.
American Realty Capital Properties Inc.(ARCP) said Wednesday it will sell its multi-tenant shopping center portfolio for $1.975 billion in cash to a Blackstone(BX) affiliate, instead of spinning off the division as it had previously announced. American Realty plans to use the proceeds to fund its Red Lobster sale-leaseback transaction. American Realty shares fell 2.3% to $12.60 premarket.
Analog Devices Inc.'s(ADI) fiscal second-quarter profit rose 14% as the chip maker reported higher revenue and stronger margins bolstered by secular and seasonal strength in the industrial, communications infrastructure, and automotive markets. Shares rose 1.3% to $52.65 premarket.
Clinical-stage biotechnology company GlycoMimetics Inc.(GLYC) and drug giant Pfizer Inc.(PFE) are moving on to a late-stage clinical trial for a sickle cell disease drug. Under terms of a 2011 agreement, development and commercialization responsibilities for GlycoMimetics’ rivipansel–a drug Target(TGT)ing complications of vaso-occlusive crisis of sickle cell disease–now shift to Pfizer. GlycoMimetics shares rose 11% to $7 premarket.
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Hercules Offshore Inc.(HERO) said it signed a five-year drilling contract with Maersk Oil North Sea U.K. Ltd. valued at roughly $420 million, which is expected to commence in mid-2016. Shares rose 6.7% to $4.65 premarket.
Hormel Foods Corp.(HRL) said its fiscal second-quarter earnings rose 12%, as the packaged-foods maker posted stronger sales in its main refrigerated-foods business. However, the company said it expects earnings for the year to hit the low-end of its guidance, as higher pork, beef, turkey and avocado costs–driven by tight raw material supplies–weigh on margins. Shares fell 2.6% to $47.26.
Intuit Inc.'s(INTU) fiscal third-quarter profit rose 20% as the tax software company recorded higher revenues, bolstered by a late start to tax season. However its fiscal year outlook was slightly below expectations. Shares fell 4.7% to $73.20 premarket.
Lowe's Cos.(LOW) said an extended period of wintry weather weighed on sales in the fiscal first quarter, although its profit still rose. The home-improvement chain’s earnings topped analysts’ expectations and the retailer pointed to improved sales in May. The retailer, citing a lower tax rate, also boosted its full-year earnings outlook. Shares fell 27 cents to $45.25 premarket.
Salesforce.com Inc.'s(CRM) fiscal first-quarter loss widened as the cloud-based software vendor’s expenses offset revenue growth. The San Francisco software company, however, issued a bright outlook for the current quarter and raised its guidance for the year. Shares fell 1.9% to $51.90 premarket.
Target Corp. said its earnings fell 16% as fewer shoppers visited stores and losses from its Canada expansion mounted, highlighting the depths of the problems faced by the retailer that ousted Chief Executive Gregg Steinhafel earlier this month. The results come against the backdrop of continued weak U.S. retail sales, which rose just 0.1% in April, according to the Commerce Department. Shares edged up nine cents to $56.70 premarket.
Trina Solar Ltd.(TSL) swung to a first-quarter profit, as the China-based solar-panel maker reported stronger shipments and sales. Earnings easily surpassed expectations for the quarter. Shares rose 10% to $11.42 premarket.
Booz Allen Hamilton Holding Corp.(BAH) said its fiscal fourth-quarter earnings declined 14% as the consulting company reported weaker revenue amid uncertainties about government spending. Still, adjusted earnings beat expectations.
La Quinta Holdings Inc.'s(LQ) first-quarter revenue rose as the hotel operator gave a view of its quarterly performance before its initial public offering in April.
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