Tiffany’s Falls Short of Estimates and 2 Hot Stocks Buzzing Today
With its future as a going concern in doubt, Sharp Corp. has turned to American corporations Dell Inc (NASDAQ:DELL), Intel Corp.(NASDAQ:INTC) and QUALCOMM Inc (NASDAQ:QCOM) for desperately needed funding in return for equity stakes or debt. Sharp’s negotiations with Taiwanese company Hon Hai Precision Industry appear to be leading nowhere, even as it burns through cash after incurring record losses. Sharp is counting on an innovative liquid crystal display technology called IGZO that could help save its future.
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Automaker General Motors (NYSE:GM) and its Chinese joint-venture partners Saic Motor Corp and Wuling Motors Holdings Ltd. intend to build their third commercial vehicle factory which will cost $1 billion and produce 400,000 vehicles and engines annually. The first phase of the factory is scheduled to open in 2015. The plant will enable the joint-venture to meet fast-growing demand and maintain its position as the biggest auto manufacturer in the country.
Tiffany’s (NYSE:TIF) reports third quarter EPS of $0.49 and revenue of $853 million which miss estimates by $0.14 and $4 million respectively. Sales climbed 4% year-on-year although gross margins were pressured and fell 160 bps to 54.4%. According to Michael J Kowalski, Chairman and CEO, the results suffered from comparison with a very strong previous year performance, weaker than expected margins and higher tax. For the full year, the company expects EPS of $3.20-$3.40, lower than the previous forecast of $3.55-$3.70, on the assumption that global sales would climb 5 to 6% compared to previously estimated 6 to 7%.