Early movers: TIF, HRL, DSW, PMCS, CPB, DLTR, AVP, PANW, XRX & more

Traders work on the floor of the New York Stock Exchange.

Tiffany — The luxury goods retailer missed estimates by 5 cents with quarterly profit of 70 cents per share, with revenue missing by a wide margin as well. Same-store sales increased less than expected, and its full-year profit outlook is also below Street forecasts. Tiffany said a strong dollar is hurting its results, among other factors.

Hormel Foods — Hormel reported adjusted quarterly profit of 74 cents per share, 5 cents above estimates, but the food maker’s revenue was below forecasts. Hormel said it got strong contributions from most of its segments, but did face several headwinds including declining pork markets and the outbreak of avian flu. Hormel did predict 2016 earnings of $2.85 to $2.95 per share, above the current Street consensus of $2.83.

DSW — The shoe retailer beat estimates by a penny with quarterly profit of 44 cents per share, but revenue was short of Street forecasts. DSW’s comparable store sales fell 3.9 percent, more than the consensus estimate for a 2.9 percent decline. DSW cites a challenging retail environment and unseasonably warm weather.

PMC-Sierra — The chipmaker struck a definitive agreement to be acquired by Microsemi for $2.5 billion in cash and stock. That follows a back and forth bidding war for PMC-Sierra between Microsemi andSkyworks Solutions. Skyworks had earlier issued a statement saying their merger agreement had been terminated and that it was entitled to a breakup fee of $88.5 million.

Campbell Soup — Campbell earned an adjusted 95 cents per share, 19 cents above estimates, with revenue in line. The food maker also raised its full-year earnings guidance on improving margins, among other factors.

Dollar Tree — The discount retailer earned an adjusted 49 cents per share for its latest quarter, 4 cents below estimates. However, revenue beat forecasts, and its comparable store sales increase of 2.1 percent matched Street forecasts.

Avon Products — Citi upgraded Avon to “buy/high risk” from “neutral,” expecting the cosmetics maker to have positive news during its January 21 Investor Day as well as an upbeat takeaway from its visit to Avon’s operations in Brazil.

Palo Alto Networks — The cybersecurity company earning an adjusted 35 cents per share for its latest quarter, 3 cents above estimates. Revenue also beat forecasts, and Palo Alto issued an upbeat current quarter outlook on increased spending by both the corporate and government sectors on protecting their computer systems.

Brocade Communications — Brocade earned an adjusted 26 cents per share for its latest quarter, two cents above estimates, with revenue also beating Street projections. However, the networking hardware and software maker gave a weak current quarter outlook, pointing in part to a moderating upgrade cycle.

Xerox — Investor Carl Icahn has taken a 7.1 percent stake in the company. Icahn said Xerox — best known for copiers and printers — is undervalued and that he may seek board seats. Last month, Xerox said it would begin a review of its business and assess various options.

Computer Sciences — Computer Sciences will leave the S&P 500 after the close of trading November 27, replaced by its spinoff, technology services business CSRA.

Valeant Pharmaceuticals — Pershing Square’s Bill Ackman increased the firm’s stake in the drug maker to 9.9 percent from 5.7 percent. Ackman said he was taking advantage of the slump in the stock which followed criticism of its accounting and sales practices.

J.M. Smucker — Smucker announced a 3.9 million share secondary offering, with the shares being sold by major shareholder Blue Holdings. The food producer is not selling any shares and won’t receive any proceeds from the offering.

Apple — Apple plans to launch its Apple Pay mobile payment service in China by early February, according to the Wall Street Journal.

[“source -cncb”]

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