BloggingStocks

Judge: eBay not responsible for counterfeit goods on its site

Melly Alazraki — 2008-07-15T16:03:00+00:00

Filed under: Law, Google (GOOG), eBay (EBAY), Viacom (VIA), Tiffany and Co (TIF)

After four years, a federal judge has finally ruled in the counterfeit goods case in which Tiffany & Co. (NYSE: TIF) sued eBay Inc. (NASDAQ: EBAY), demanding it create better polices on its auction site and assume responsibility for the goods traded there.

But the judge ruled in favor of eBay, saying that "the law is clear: it is the trademark owner's burden to police its mark. [...] Tiffany must ultimately bear the burden of protecting its trademark."

No doubt, this is a significant victory for eBay and all online retailers that, while agreeing to take fake merchandise off their sites, want to be alerted to it by the owners of the trademarks. This means e-tailers don't need to police their sites for counterfeit goods, something that would have been quite costly.

If this sounds a little odd to you, maybe that's because of a recent suit regarding copyrighted material on Google Inc. (NASDAQ: GOOG)'s YouTube. Viacom Inc. (NYSE: VIA) has sued the owner of the video sharing site for $1 billion in damages, accusing YouTube of enabling copyright infringement since users upload copyrighted material to the site.

Obviously, there are a differences between trademarked goods and copyrighted material, especially in the eyes of the law, but the law actually seems a little fuzzy in both cases. For example, already in France the judgment was the opposite in a similar case against eBay brought on by LVMH, the firm behind the Louis Vuitton and Christian Dior brands. Or, when it comes to the internet and copyrights, there's the Digital Millennium Copyright Act Google is using in its defense, which "In general, limits Internet service providers from copyright infringement liability for simply transmitting information over the Internet."

It seems much clearer messages need to come from the legislature on these matters, or perhaps with time, the precedents will make it so. For now, eBay has escaped from costly policing, while Google is still biding its time.

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Chasing Value: Did you buy a bank (stock) today?

Sheldon Liber — 2008-06-02T17:44:00+00:00

Filed under: Berkshire Hathaway (BRK.A), Tiffany and Co (TIF), Wells Fargo (WFC), Bargain stocks, Chasing Value, Stocks to Buy

The stock market was down today and the financial sector was hit as hard as anything else. These are the days you want to have your watch-list ready or perhaps your stock alerts triggered. I have been watching Wells Fargo (NYSE: WFC) for quite some time. Today at $27.00 I received an alert and decided to buy some.

As a value investor I am seeking not to just make a profit but to have as large a margin of safety as possible. That means I do not want to just buy a discounted stock but I want to "steal it". Patience is always in order, and usually is rewarded. That was the case when we watched Tiffany & Co. (NYSE: TIF) go from the low $40's to $57 per share and think we had missed the train, only to keep our eyes open as it fell back down to $36 where we pulled the trigger.

Last week TIF did us proud (see: Chasing Value: Tiffany's -- all that glitters) and although I am wrong way too often, I would be greatly surprised to see TIF anywhere near $36 ever again. It has reached $50 since we purchased it in April. The following chart illustrates the recent path of Wells Fargo.

At $27 a share we have acquired a solid company at far below its five year average. We got it near its five year bottom. A stock that was on sale because others reported bad news:

Wells is paying a 4.5% dividend yield and all my regular readers know how I like dividend paying stocks! There have been rumors that "my pal Warren", Buffett that is, of Berkshire Hathaway (NYSE: BRK.B) has been buying more and also that he has been selling. Right now I haven't the foggiest idea, but there has been no conversation about Wells cutting it's dividend, or management problems, or hidden sub-prime losses so I am comfortable. That does not mean I will not be ever watchful because I have been burned before. However, from what I can glean this was a safe bet and I am in good company.

Wells Fargo closed today at $27.11 scooping me up and leaving me with a small profit for the day. Where will it be tomorrow? I do not know, but today it was a buy.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. DISCLOSURE: I currently own shares of WFC, TIF and BRK.B.

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Earnings highlights: Dell, Sears, Costco, Heinz, Tiffany, Borders, DSW and others

Trey Thoelcke — 2008-05-31T11:40:00+00:00

Filed under: Earnings reports, Google (GOOG), Dell (DELL), Starbucks (SBUX), Tiffany and Co (TIF), Sears Holdings (SHLD), Costco Wholesale (COST), Novell Inc (NOVL), Marvell Technology Group (MRVL), salesforce.com inc (CRM)

Here are some highlights from this past week's earnings coverage from BloggingStocks:

Big Lots Inc. (NYSE: BIG) Q1 earnings rose 20%, driven by cash-strapped bargain hunters.
Borders Group Inc. (NYSE: BGP) narrowed its loss in the first quarter though same-store sales fell.
Costco Wholesale Corp. (NASDAQ: COST) Q3 profits climbed 32%, beating analysts' estimates.
Dell Inc. (NASDAQ: DELL) posted solid Q1 results that beat analysts' expectations (see the transcript).
DSW Inc. (NYSE: DSW) Q1 earnings declined, hurt by weak same-store sales.
H.J. Heinz Co. (NYSE: HNZ) better-than-expected Q4 results sent the stock to a 52-week high.
Integra LifeSciences Holdings Corp. (NASDAQ: IART) beat Q4 estimates and offered Q1 guidance.
J. Crew Group Inc. (NYSE: JCG) lowered its full-year forecast, leading to analyst downgrades.
Joy Global Inc. (NASDAQ: JOYG) Q2 results beat expectations, and it raised its full-year guidance.
Lions Gate Entertainment Corp. (NYSE: LGF) posted record Q4 revenues but a bigger-than-expected loss.
Marvell Technology Group (NASDAQ: MRVL) Q1 profits beat estimates and led to analyst upgrades.
Medtronic Inc. (NYSE: MDT) beat Q4 estimates and offered full-year guidance.
Novell Inc. (NASDAQ: NOVL) swung to a profit that was in line with analysts estimates.
Salesforce.com Inc. (NYSE: CRM) Q1 revenues surged on new customers and demand in Asia.

Sears Holdings Corp. (NASDAQ: SHLD) swung to a Q1 loss as same-store sales declined.
Semtech Corp. (NASDAQ: SMTC) beat Q1 expectations with record revenues and raises its outlook.
Shoe Carnival Inc. (NASDAQ: SCVL) Q1 profit fell due to softer-than-expected seasonal sales.
Tiffany & Co. (NYSE: TIF) easily beat Q1 expectations and raised its full-year guidance.
TiVo Inc. (NASDAQ: TIVO) Q1 earnings quadrupled, but it expects a loss in the current quarter.

Also earnings of Google (NASDAQ: GOOG), Starbucks (NASDAQ: SBUX), and 400 other companies were affected by write downs of auction-rate securities.

Upcoming results to watch for include Toll Brothers (NYSE: TOL), Hovnanian Enterprises (NYSE: HOV), Ciena (NASDAQ: CIEN), Bob Evans Farms (NASDAQ: BOBE), Williams-Sonoma (NYSE: WSM), Del Monte (NYSE: DLM), National Semiconductor (NYSE: NSM), Smithfield Foods (NYSE: SFD), and Lululemon Athletica (NASDAQ: LULU).

Visit AOL Money & Finance for more earnings coverage.

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Chasing Value: Tiffany's -- all that glitters

Sheldon Liber — 2008-05-30T15:30:00+00:00

Filed under: International markets, Earnings reports, Forecasts, Consumer experience, Tiffany and Co (TIF), Chasing Value, Stocks to Buy, Best Stocks for 2008

"All that glitters is not gold" is a common refrain we hear from time to time and it is meant as a word of caution, but in this case, it's gold and diamonds and platinum served up in pretty little blue boxes. Today it was reported that Tiffany Profit Beats View, Hikes Outlook. Chief Executive Michael Kowalski said Tiffany would continue with its expansion in 2008, with plans to open 24 new stores across the United States, Asia-Pacific region and Europe.

Tiffany and Co (NYSE: TIF) is trading just under $50, up from $36 when I suggested readers take a look in February posting Serious Money: Pondering: Home Depot, Tiffany & Wells Fargo, and again a month later Chasing Value: Tiffany is looking more polished. I can live with a 39% gain in three months time, and I am glad to learn that it may go up from that.

However, no matter what the Wall Street stock pushers will tell you, I would not jump in here. Patience is in order and buying when there is a frenzy is a bad idea. You will see this in my previous posts on the company and I am offering the same here. You should add it to your watch list.

I do not expect TIF to see $36 dollars again, but we are speaking of likelihoods not certainties and there is no must own stock! Everything fluctuates and it is only worth buying an individual stock if there is a great chance of getting a bargain. I might look favorably at another purchase somewhere closer to $40 -- and if I do not get it, that's alright. Then I will buy something else.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: We own shares in TIF.

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Tiffany & Co (TIF) Q1 earnings good, lifts outlook

Brent Archer — 2008-05-30T13:45:00+00:00

Filed under: Earnings reports, Forecasts, Good news, Tiffany and Co (TIF), Options, Technical Analysis

Tiffany & Co (NYSE: TIF) shares are trading higher after the company posted a first-quarter profit of $64.4 million or 50 cents per share, beating analysts' estimates of 40 cents per share, citing international strength. TIF also raised its outlook for the full year. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on TIF.

After hitting a one-year high of $57.34 in October, the stock hit a one-year low of $32.84 in January. TIF opened this morning at $49.25. So far today the stock has hit a low of $48.62 and a high of $49.98. As of 12:25, TIF is trading at $48.92, up 1.18 (2.5%). The chart for TIF looks bullish and steady, while S&P gives the stock its highest 5 Stars (out of 5) Strong Buy rating.

For a bullish hedged play on this stock, I would consider an August bull-put credit spread below the $40 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make an 8.7% return in just three months as long as TIF is above $40 at August expiration. Tiffany would have to fall by more than 33% before we would start to lose money. Learn more about this type of trade here.

TIF hasn't been below $40 since March and has shown support around $46 recently. This trade could be risky if the international economy slows down as well over the next few months, but even if that happens, that position could be protected by support the stock might find above $40, where it formed a base over the past two months.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in TIF.

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$8 Gas, tax rebate questions answered & ATM identity theft soars - Today in Money 5/30

Allan Halprin — 2008-05-30T09:07:00+00:00

Filed under: Dell (DELL), Money and Finance Today, Tiffany and Co (TIF), US Airways Group (LCC), UAL Corp (UAUA), Bear Stearns Cos (BSC)

In the News:

· Personal Income & Spending Growth Slows in April

· Dell Shares Spike on Strong Earnings

· United-US Airways Merger Talks Suspended

· Tiffany Profit Rises 19%, Tops Estimates

· Bear Stearns Shareholders OK JPMorgan Buyout

· UK Airline Silverjet Grounds Operations

· J.Crew Stock Plunges on Weak Outlook

· Consumers Pick Home Over Flying Because of All the Hassles

· Slower Cellphone Growth in US Could Bring Good Deals

· 'Smiling Bob' May Be on Way Out as Maker of Male Sexual Products Looks for New Identity

$8-a-Gallon Gas
Americans should be celebrating rather than shuddering over the arrival of $4-a-gallon gasoline. We lived on cheap gas too long, failed to innovate and now face the consequences of competing for a finite resource amid fast-expanding global demand. Here are eight reasons higher prices will do us a world of good.
Eight reasons you'll rejoice when we hit $8-a-gallon gasoline - MarketWatch

Answers to All Your Tax Rebate Questions
Tell 200 million taxpayers that they'll be getting a share of $130 billion in tax rebates and you're sure to bring smiles to a lot of faces. You'll also prompt many quizzical looks ... and an avalanche of questions. Now one month after the rebates started going out there are still many questions people have. Kiplinger answers over 20 of the most common questions.
Answers to ALL Your Tax Rebate Questions - Kiplinger.com

Aggressive Medical Care Can Lead to More Pain With No Gain
For many consumers, good health care means seeing as many specialists as possible. It may also mean undergoing rounds of tests and, if a serious illness is diagnosed, prolonged hospital stays and extensive treatment. Though the idea that more health care is better seems to make sense, recent research has shown that none of the above necessarily helps you live better or longer.
Aggressive medical care: Consumer Reports
Top 10 Most Aggressive & Most Conservative Medical Centers in America

Are ATMs Becoming Automated Theft Machines?
Thieves are turning ATMs into a favorite fishing hole for that prize catch: your most sensitive banking information.
ATMs play bigger role in identity theft - Bankrate.com

Never Pay Retail Again
As Americans aim to curtail their spending, more retailers are cutting deals to reel in customers. Comparison shopping, haggling and swapping discount codes are all becoming mainstream marks of savvy shoppers. And retailers are playing along.
In tough times, retailers deal out the discounts - CNNmoney

Easing Costly Commutes
Here's a look at what companies are doing to help employees offset rising gas costs.
Company Programs Help Employees Save on Gas (- SmartMoney.com

The Lowdown on Libor
What you need to know about the global interest rate benchmark, and how it can affect your mortgage and credit.
The Lowdown on Libor - BusinessWeek

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Before the bell: Dell, oil help futures rise

Melly Alazraki — 2008-05-30T07:41:00+00:00

Filed under: Before the bell, Earnings reports, Deals, Dell (DELL), Market matters, Tiffany and Co (TIF), US Airways Group (LCC), Contl Airlines'B' (CAL), UAL Corp (UAUA), Economic data, Oil

Stock futures were higher early Friday morning as oil futures continued to drop and Dell reported surprising strong earnings. (Read the full transcript of the conference call that followed the earnings announcement.)

Some upcoming economic readings about personal income might affect the Street's mood yet, but as long as oil prices remain at around $125 a barrel or go even lower, investors may feel more positive on the day.

If last week stocks witnessed one sharp-drop session after another, this week stocks have been more consistent on their way up and on Thursday U.S. stocks rose for the third session in a row due to a big drop in crude-oil futures. The Dow industrials rose 52 points, or 0.41%, the S&P 500 added 7 points, or 0.53%, and the Nasdaq Composite rose 21 points, or 0.87%.

On the economic calendar today several releases:

At 8:30 a.m. EDT April Personal Income and spending is due. While not perfect, personal income is a decent indicator of future consumer demand. Once personal income starts to stagnate, meaning inflation has caught up with income growth, this is another indication of a recession.
A price index is included in the income report. The personal-consumption expenditures is often considered to be the Federal Reserve's preferred inflation gauge.
A little after the open, May Chicago PMI, a regional manufacturing survey, is due out.
Finally, at 10:00 a.m., a revised reading on consumer sentiment from the University of Michigan for May will also be released.

On the corporate side, Dell (NASDAQ: DELL) is the big surprise. Dell shares jumped 10% in premarket trading after the computer maker reported Thursday after the close a 4% rise in quarterly profit and a 19% revenue growth. The solid first-quarter results beat Wall Street expectations for first-quarter sales and profit.

After financial media got so excited about their executive meeting, UAL Corp. (NYSE: UAUA) United Airlines and UA Airways (NYSE: LCC) has ended merger talks, according to published reports as United is close to an alliance agreement with Continental Airlines (NYSE: CAL).

Also, Tiffany & Co. (NYSE: TIF) reported results Friday morning. TIF shares are up over 5.7% in premarket trading after the jeweler said that strong growth in Asia-Pacific and European markets helped its first-quarter profits rise 19%, beating analysts' expectations. The company warned that it doesn't expect an improvement in the U.S. until later this year.

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Earnings expectations: Dell, Sears, Borders, Costco, Tiffany, Omnivision and others

Trey Thoelcke — 2008-05-24T16:40:00+00:00

Filed under: Earnings reports, Forecasts, Dell (DELL), Tiffany and Co (TIF), Sears Holdings (SHLD), Costco Wholesale (COST), Polo Ralph Lauren'A' (RL)

While the earnings season is beginning to wind down for the current quarter, there are still plenty of results to come. Here's a peek at what analysts surveyed by Thomson Financial are expecting from companies scheduled to report results in the final week of May 2008.

These companies are expected to post earnings growth, compared to the same period in the previous year:

Omnivison Technologies (NASDAQ: OVTI) up 81.3% to 32 cents per share, on $178.20 million in revenue
Lions Gate Entertainment (NYSE: LGF) up 48.6% to 37 cents per share, on $410.93 million in revenue
Big Lots Inc. (NYSE: BIG) up 27.7% to 36 cents per share, on $1.14 billion in revenue
Costco Wholesale Corp. (NASDAQ: COST) up 13.8% to 65 cents per share, on $16.32 billion in revenue
Tiffany & Co. (NYSE: TIF) up 10.0% to 40 cents per share, on $648.87 million in revenue
HJ Heinz Co. (NYSE: HNZ) up 9.8% to 61 cents per share, on $2.67 billion in revenue
Dollar Tree Inc. (NASDAQ: DLTR) up 9.5% to 42 cents per share, on $1.05 billion in revenue

These companies are expected to report earnings declines:

Sears Holdings Corp. (NASDAQ: SHLD) down 86.4% to 15 cents per share, on $11.41 billion in revenue
Men's Wearhouse Inc. (NYSE: MW) down 70.6% to 22 cents per share, on $476.98 million in revenue
Polo Ralph Lauren Corp. (NYSE: RL) down 4.4% to 65 cents per share, on $1.15 billion in revenue
Dell Inc. (NASDAQ: DELL) down 2.9% to 33 cents per share, on $15.66 billion in revenue

TiVo Inc. (NASDAQ: TIVO) is expected to swing to a loss of a penny per share, compared to a penny profit a year ago, and report $55.62 million in revenue. And analysts expect Borders Group Inc. (NYSE: BGP) to narrow its loss 7.8% to 47 cents per share, on $801.11 million in revenue.

Visit AOL Money & Finance for more earnings coverage.

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Earnings highlights: Wal-Mart, Macy's, Sony, Sprint, Sirius, Whole Foods and others

Trey Thoelcke — 2008-05-17T09:40:00+00:00

Filed under: Earnings reports, Wal-Mart (WMT), Home Depot (HD), XM Satellite Radio (XMSR), Sirius Satellite Radio (SIRI), Sprint Nextel Corp (S), Sony Corp ADR (SNE), Penney (J.C.) (JCP), Blockbuster Inc 'A' (BBI), Whole Foods Market (WFMI), Tiffany and Co (TIF), Amer Intl Group (AIG), Lowe's Cos (LOW), Kohl's Corp (KSS), Electronic Arts (ERTS), Nordstrom, Inc (JWN), Liz Claiborne (LIZ), Nissan Motors (NSANY)

Here are some highlights from this past week's earnings coverage from BloggingStocks:

AnnTaylor Stores Corp. (NYSE: ANN) sees Q1 profits beating estimates but reaffirmed the full-year outlook.
Blockbuster Inc. (NYSE: BBI) beat Q1 earnings expectations but fell short of revenue estimates.
Electronic Arts Inc. (NASDAQ: ERTS) posted strong Q4 and full-year results on titles such as Rock Band.
Fossil Inc. (NASDAQ: FOSL) forecast Q1 earnings just a penny below analysts' estimates.
IMAX Corp. (NASDAQ: IMAX) doubled its Q1 loss and missed Wall Street's expectations.
JC Penney Co. Inc. (NYSE: JCP) profits fell 50%, and it predicted trouble would continue through the year.
Kohl's Corp. (NYSE: KSS) posted a smaller-than-estimated Q1 profit decline and cut its full-year outlook.
Liz Claiborne Inc. (NYSE: LIZ) swung to a Q1 loss on restructuring but beat analysts' expectations.
Lumber Liquidators Inc. (NYSE: LL) posted strong Q1 results despite the housing slump.
Macy's (NYSE: M) beat low Q1 expectations despite weak same-store sales.
Nissan Motor Corp. (NASDAQ: NSANY) Q4 profit surged but it warned of lower profits this year.
Nordstrom Inc. (NYSE: JWN) posted smaller-than-estimated Q1 profit decline and cut its full-year outlook.
Priceline.com Inc. (NASDAQ: PCLN) beat Q1 expectations due to increased bookings.
Sirius Satellite Radio Inc. (NASDAQ: SIRI) posted a narrower Q1 loss in line with expectations.
Sony Corp. (NYSE: SNE) swung to a Q4 profit but fell short of Wall Street estimates.
Sprint Nextel Corp. (NYSE: S) beat low Q1 estimates as its loss widened on charges and lost subscribers.
Tiffany & Co. (NYSE: TIF) projected beating Q1 earnings forecasts and raised its dividend.
Wal-Mart Stores Inc. (NYSE: WMT) posted Q1 profits up on international growth and bargain shoppers.
Whole Foods Market Inc. (NASDAQ: WFMI) Q2 profits fell due to the Wild Oats acquistion.
XM Satellite Radio (NASDAQ: XMSR) reported a bigger-than-expected Q1 loss and a surge in subscribers.

Also, after AIG's (NYSE: AIG) dismal results, International Lease Finance Corp. wants to be spun off from its parent. Analysts see JC Penney, Kohl's and the rest of the retail sector rebounding in the latter half of the year. Jim Cramer ponders some suprising responses to so-so earnings reports, and looks ahead to Lowe's (NYSE: LOW) and Home Depot (NYSE: HD) as a sign for the housing sector.

Other upcoming results to watch for include Campbell Soup (NYSE: CPB), Autozone (NYSE: AZO), Hewlett-Packard (NYSE: HPQ), Intuit (NASDAQ: INTU), Staples (NASDAQ: SPLS), Target (NYSE: TGT), Limited Brands (NYSE: LTD) The Gap (NYSE: GPS) and Barnes & Noble (NYSE: BKS).

Visit AOL Money & Finance for more earnings coverage.

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Tiffany & Co. (TIF) lifts guidance, boosts dividend

Brent Archer — 2008-05-15T15:00:00+00:00

Filed under: Major movement, Forecasts, Good news, Tiffany and Co (TIF), Options, Technical Analysis

Tiffany & Co. (NYSE: TIF) shares are trading higher today after the company said it now expects to top its first-quarter earnings forecast of 39 cents per share. TIF also raised its dividend by 2 cents. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on TIF.

After hitting a one-year high of $57.34 in October, the stock hit a one-year low of $32.84 in January. TIF opened this morning at $45.91. So far today the stock has hit a low of $45.29 and a high of $48.95. As of 12:00, TIF is trading at $48.00, up 2.15 (4.7%). The chart for TIF looks bullish and steady, while S&P gives the stock its highest 5 Stars (out of 5) strong buy rating.

For a bullish hedged play on this stock, I would consider an August bull-put credit spread below the $35 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 4.2% return in just three months as long as TIF is above $35 at August expiration. Tiffany would have to fall by more than 27% before we would start to lose money. Learn more about this type of trade here.

TIF hasn't been below $35 except for a couple days in the past year and has shown support around $41 recently. This trade could be risky if the US economy tanks some more in the coming months, but even if that happens, that position could be protected by support the stock might find just around $36, where it bottomed out in March.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in TIF.

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Analyst initiations: SPR, G and SEIC

Eric Buscemi — 2008-04-11T11:55:00+00:00

Filed under: Analyst reports, Sirius Satellite Radio (SIRI), Tiffany and Co (TIF), Analyst initiations

MOST NOTEWORTHY: Spirit Aerosystems, Genpact and SEI Investments were today's noteworthy initiations:

Friedman Billings believes Spirit Aerosystems (NYSE: SPR) is well-positioned on key aircraft platforms and has significant revenue visibility. The firm started shares with an Outperform rating and $33 target.
Baird is positive on Genpact's (NYSE: G) recurring, non-discretionary revenue, strong growth in Global Client revenue, market leading position; shares were assumed with an Outperform rating and $16 target.
SEI Investments (NASDAQ: SEIC) was initiated with a Market Perform rating and $27 target at Keefe Bruyette, as they are cautious in the near-term due to industry headwinds.

OTHER INITIATIONS:

Merrill Lynch initiated Sirius Satellite (NASDAQ: SIRI) with a Sell rating.
Lehman started Tiffany & Co (NYSE: TIF) with an Overweight rating and $52 target.
Oppenheimer initiated Cavium Networks (NASDAQ: CAVM) with a Perform rating.

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Earnings highlights: Adobe, ConAgra, Lennar, Oracle, Tiffany, Darden and others

Trey Thoelcke — 2008-03-29T15:40:00+00:00

Filed under: Earnings reports, Walgreen Co (WAG), Penney (J.C.) (JCP), Adobe Systems (ADBE), Tiffany and Co (TIF), ConAgra Foods (CAG), Darden Restaurants (DRI), KB HOME (KBH), Lennar Corp'A' (LEN), Oracle Corp (ORCL), CKE Restaurants (CKR)

Here are some highlights from this past week's earnings coverage from BloggingStocks:

AAR Corp. (NYSE: AIR) posted record third-quarter earnings and revenue.
Adobe Systems Inc. (NASDAQ: ADBE) posted better-than-estimated first-quarter results and raised its outlook.
CKE Restaurants Inc. (NYSE: CKR) posted third-quarter results that missed estimates.
ConAgra Foods Inc. (NYSE: CAG) third-quarter profit surged as strong sales offset commodity prices.
Darden Restaurants Inc. (NYSE: DRI) beat third-quarter expectations and offered guidance.
FactSet Research Systems Inc. (NYSE: FDS) second-quarter results beat estimates and it raised its outlook.
Fortress Investment Group (NYSE: FIG) remained upbeat despite a fourth-quarter loss.
Guess Inc. (NYSE: GES) record fourth-quarter results beat Wall Street expectations.
Inter Parfums Inc. (NASDAQ: IPAR) posted better-than-estimated fourth-quarter results and raised its outlook.
Jabil Circuit Inc. (NYSE: JBL) beat second-quarter expectations but lowered its guidance.
JC Penney Co. Inc. (NYSE: JCP) lowered its first-quarter outlook on weaker-than-expected sales.
KB Home (NYSE: KBH) swung to a larger-than-expected first-quarter loss on write-downs.
Lennar Corp. (NYSE: LEN) posted a smaller-than-expected first-quarter loss.
Monsanto Co. (NYSE: MON) raised its second-quarter and full-year guidance.
Oracle Corp. (NASDAQ: ORCL) merely met earnings expectations, sending shares lower.
Tiffany & Co. (NYSE: TIF) posted better-than-estimated fourth-quarter results and raised its outlook.
Usana Health Sciences Inc. (NASDAQ: USNA) posted lower-than-expected first-quarter results.
Walgreen Co. (NYSE: WAG) posted solid second-quarter results, including same-store sales growth.

Also, auction-rate securities issues may hurt some tech company results. Analysts keep cutting earings estimates for the big banks, but some are eyeing Yum! Brands (NYSE: YUM) earnings prospects as it expands in China, as well as Archer Daniels Midland (NYSE: ADM) on soaring demand for commodities.

Upcoming results to watch for include Best Buy (NYSE: BBY), Monsanto (NYSE: MON), and Research in Motion (NASDAQ: RIMM).

Visit AOL Money & Finance for more earnings coverage.

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Analyst downgrades: BBBY, DSW and OPLK

Eric Buscemi — 2008-03-28T11:25:00+00:00

Filed under: Analyst upgrades and downgrades, Bed Bath and Beyond (BBBY), Tiffany and Co (TIF)

MOST NOTEWORTHY: Bed Bath & Beyond, DSW Inc and Oplink Comm were today's noteworthy downgrades:

JP Morgan downgraded Bed Bath & Beyond (NASDAQ: BBBY) to Underweight from Neutral citing recent sales commentary from competitors and the difficult macro environment.
Oppenheimer cut DSW Inc (NYSE: DSW) to Perform from Outperform following the company's Q1 miss and lower than expected guidance, as they see little visibility in the coming quarters.
Piper downgraded shares of Oplink Communications (NASDAQ: OPLK) to Sell from Neutral following the company's negative earnings preannouncement and lowered their target to $9.00 from $14.

OTHER DOWNGRADES:

Tiffany (NYSE: TIF) was downgraded to Sell from Neutral at Merrill.
Goldman cut National Semiconductor Corp (NYSE: NSM) to Sell from Neutral.
Wellpoint (NYSE: WLP) was downgraded to Equal Weight from Overweight at Lehman.

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Tiffany & Co. (TIF): Shares moving in bullish 'pennant'

Larry Schutts — 2008-03-27T11:55:00+00:00

Filed under: Earnings reports, Tiffany and Co (TIF), Technical Analysis, Stocks to Buy

Tiffany & Co. (NYSE: TIF) is engaged in the design, manufacture, and retailing of fine jewelry, timepieces, sterling silverware, china, crystal, stationery, fragrances and personal accessories. The firm sells its goods exclusively through some 150 stores worldwide, a Web site and catalogs.

The company pleased investors earlier in the week, when it reported Q4 EPS of $1.27 and revenues of $1.05 billion. Analysts had been expecting $1.21 and $1.05 billion. Management also guided FY09 EPS to $2.75-$2.85 ($2.49 consensus) and FY09 revenues to about $3.23 billion ($3.18B consensus). Cowan and JMP Securities subsequently issued favorable comments about the company and Trian Fund Management revealed it had boosted its stake in the stock from 7.9% (1/16) to 8.44%.

The shares popped into a bullish "pennant" consolidation pattern on the news. Prices frequently exit pennants moving in the same direction they were traveling on entry. In this case, that would be to the upside.

Brokers recommend the issue with four "strong buys", two "buys" and nine "holds". Analysts see a 13% growth rate, through the next year. The TIF P/E ratio (18.03), Price to Sales ratio (2.01), Price to Book ratio (3.61), Operating Margin (18.05%), Return on Assets (11.49%) and Return on Investment (14.01%) compare favorably with industry, sector and S&P 500 averages. About 90% of the outstanding shares are held by institutional investors. The stock is one of those used to calculate the S&P 500 Index. Over the past fifty-two weeks, it has traded between $32.84 and $57.34. A stop-loss of $37.95 looks good here.

Larry Schutts is a contributing editor for Theflyonthewall.com and the Vice-President of Stockwinners.com. He does not hold a position in the stock discussed above.

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eBay and Tiffany lock horns

Zac Bissonnette — 2008-03-26T17:06:00+00:00

Filed under: Law, eBay (EBAY), Tiffany and Co (TIF)

A New York federal judge is considering a lawsuit involving Tiffany (NYSE: TIF) and eBay (NASDAQ: EBAY). The case will decide whether eBay has a responsibility to vet the authenticity of products bearing the Tiffany logo on its site.

eBay believes that it is Tiffany's responsibility to police the site for infringement of its trademarks, and the company's policy is that it will respond to claims by companies flagging possibly counterfeit merchandise. But eBay itself does not devote substantial resources to policing for counterfeiters. Rolex and Louis Vuitton have sued eBay on similar grounds.

According to the Wall Street Journal, "Tiffany argues that eBay knew it had a problem with counterfeit items being listed on its Web site and did little to clean it up."

In the "risk factors" section of its latest 10-K, eBay touches on the Tiffany lawsuit, saying that "Litigation and negative publicity has increased as our websites gain prominence in markets outside of the U.S., where the laws may be unsettled or less favorable to us. Such litigation is costly for us, could result in damage awards, injunctive relief, or increased costs of doing business through adverse judgment or settlement, could require us to change our business practices in expensive ways, or could otherwise harm our business."

It stands to reason that if eBay could take responsibility for counterfeit listings in a cost effective way, it would have avoided this litigation. eBay's business model could be in some pretty serious trouble if a judge rules that the company is responsible for copyright infringement by third party sellers -- it might have to just stop selling luxury goods altogether.

This will be an important case for any eBay investors to follow.

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Chasing Value: Tiffany is looking more polished

Sheldon Liber — 2008-03-26T12:18:00+00:00

Filed under: Tiffany and Co (TIF), Bargain stocks, Chasing Value, Stocks to Buy, Best Stocks for 2008

We recently acquired shares of Tiffany & Co. (NYSE: TIF) at $36.00 ahead of its earnings report. We have been watching it for about 16 months and I thought there was increasing value as the stock started dropping from its 52 week high of $57.34. I had previously brought it to readers' attention in Serious Money: Pondering Home Depot, Tiffany & Wells Fargo. After we put TIF on our watch list, that seemed like all we could do, just watch as it continued to move up farther away from our perceived value. So we just decided to let this train leave the station without us. Then the train came back and rewarded our patience.

Tiffany is a brand name of historic magnitude, pays a dividend, has a business that is easy to understand and is expanding internationally. Yesterday, the stock closed at $43.56 as the company raised its outlook for the year. The stock price is now just above where it was when we started watching it, but long term there might still be value here. I should note that we will not add to our position at this level, but if it drops again we will.

The following ten year chart indicates a highly erratic stock that can swing wildly, as much as $20 in any given year. From 1999 to 2004, there was no appreciation. Interestingly, I would have thought these 20 point swings might be appealing to one of my colleagues who uses charts and is a trader, but it was not. He hated this chart and sees no upward momentum. I on the other hand see plenty to like.

When I look at the stock chart, I look for something different than my colleague. But first I should repeat that I am not a student of technical analysis, except at the most basic level. Since I am still an old fashioned buy and hold guy, I like the fact that the long term direction of the company is up; 400% up in the last ten years. The other thing is that I like our entry point which is at the bottom if you connect all the valleys. That is about as much charting as I do.

The firm is mostly known for fine jewelry, but the company also puts its name on timepieces, silverware, china, stationery, and other luxury items. It sells exclusively through nearly 170 Tiffany & Co. stores and boutiques worldwide, its web site, business-to-business accounts, and catalogs. The international market should have plenty of room for growth given the millions of new capitalists in China, Russia, India and throughout the middle east.

After the most recent stock run up, all of Tiffany's key metrics are relatively average. It has a P/E around 17 and a P/S around 2. TIF has a net profit margin of 10%. For us this acquisition is very, very basic. We simply wanted to buy a good company on sale and we think we did that. I hope 'my pal Warren' approves.

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Analyst downgrades: CS, BAC, BSC, TIF, PHG and GPS

Eric Buscemi — 2008-03-25T11:27:00+00:00

Filed under: Analyst reports, Analyst upgrades and downgrades, Bank of America (BAC), Tiffany and Co (TIF), Gap Inc (GPS), Bear Stearns Cos (BSC)

MOST NOTEWORTHY: Credit Suisse, Bank of America and Bear Stearns were today's noteworthy downgrades:

UBS downgraded Credit Suisse (NYSE: CS) to Neutral from Buy to reflect the company's higher-than-expected write-downs in Q1.
Merrill cut Bank of America (NYSE: BAC) to Sell from Neutral and lowered their estimates to reflect a higher credit loss outlook as they now estimate Bank of America's loan provision will rise to $15B in 2008 from $8.4B in 2007.
Sandler O'Neil downgraded Bear Stearns (NYSE: BSC) to Sell from Hold citing share premium to deal value of $10.00.

OTHER DOWNGRADES:

Citigroup lowered Gap (NYSE: GPS) to Hold from Buy.
Tiffany & Co (NYSE: TIF) was downgraded to Perform from Outperform at Oppenheimer.
JP Morgan downgraded Philips Electronics (NYSE: PHG) to Neutral from Overweight.

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Before the bell: COMS, VLO, MOT, YHOO, GPS, GOOG ...

Melly Alazraki — 2008-03-25T08:31:00+00:00

Filed under: Before the bell, Earnings reports, Analyst reports, Analyst upgrades and downgrades, Google (GOOG), Yahoo! (YHOO), Motorola (MOT), Tiffany and Co (TIF), Gap Inc (GPS), Valero Energy (VLO), Bear Stearns Cos (BSC)

Before the bell: Futures higher ahead of data; (F, TTM, SIRI, XMSR)

3Com (NYSE: COMS) shares were up 7% in after-hours trading Monday as the network-equipment maker, whose $2.2 billion acquisition by Bain Capital LLC was said last week to be pulled off due to the government's security concerns, reported third- quarter sales of $336.4 million and 8 cents earnings per share (excluding one-time items), beating estimates.

Valero Energy (NYSE: VLO) shares are down over 3% in premarket trading after the refinery operator forecast significantly lower throughput margins on gasoline and other petroleum products and forecast first-quarter earnings of $0.10 to $0.35 per share below analyst estimates.

Activist investor Carl Icahn rejected an offer from Motorola Inc. (NYSE: MOT) that would have given him two board seats instead of the four Icahn had launched a proxy battle to get. Icahn, who holds 6.3% of the shares in the telecommunications-equipment maker, sued the company for access to crucial board documents. Icahn has been hpushing Motorola to divest the unprofitable handset division for months. While Icahn has been quite vocal with his criticism, Motorola's board and management haven't commented much.

Some notable analyst calls:

Citigroup downgraded The Gap, Inc. (NYSE: GPS) from Buy to Hold, with a target of $23. The stock is down 1.6% in premarket trading.
Oppenheimer downgraded Tiffany & Co. (NYSE: TIF) from Outperform to Perform. The stock is down nearly 2% in premarket trading after closing up 10.5% on Monday following better-than-expected earnings.
Sandler O'Neil downgraded Bear Stearns (NYSE: BSC) from Hold to Sell.
Citigroup upgraded Yahoo! Inc. (NASDAQ: YHOO) from Hold to Buy and upped the target price from $31 to $34. YHOO shares are up 2.9% in premarket trading.

Also, according to Notable Calls, Piper Jaffray is is calling for a revenue miss for Google (NASDAQ: GOOG) on the March quarter. Meanwhile, UBS dropped the price target on Google from $590 to $570.

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Closing Bell: For once, Bear Stearns leads markets higher (BSC, JPM, V, AAPL, BIDU, TIF, NVDA

Jon Ogg — 2008-03-24T17:09:00+00:00

Filed under: Apple Inc (AAPL), Tiffany and Co (TIF)

Today's summary of the full day would be highly incomplete without mention of the higher buyout price for Bear Stearns Co. (NYSE: BSC). The $2.00 all-stock bid from JPMorgan Chase Co. (NYSE: JPM) has finally been boosted to $10.00 per share, and the target shares rose some 88% to $11.25 on the day. There were many reasons that this price was going to have to be raised, but the question was by how much? Shares traded up even higher than that $10.00 threshold on hopes for better share conversion rates and perhaps even on hopes of a higher price. Below are the unofficial closing levels for US stock markets:

DJIA 12,548.64 (+187.32; +1.52%)
S&P500 1,349.88 (+20.37; +1.53%)
NASDAQ 2,326.75 (+68.64; +3.04%)
10YR-TBond 3.522% (+0.194%)
Despite Blue-Horseshoe loving everything, there were still many 52-week lows.

It appears that Visa, Inc. (NYSE: V) isn't going to just rise indefinitely after its IPO, or so it seems today as shares fell by 7% to $59.73.

Apple Inc. (NYSE: AAPL) was one of the key standouts today in tech, yet its news today was more strategic than groundbreaking. Its web browser Safari may be going after Windows, but even for Steve Jobs this may be a long hard journey. Shares closed up 4.7% to $139.53.

Shares of Baidu.com, Inc. (NASDAQ: BIDU) rose a sharp 15% to $240.00 after the company named Jennifer Li as its new CFO to replace its CFO who died in an accident over the Christmas holiday.

Tiffany & Co. (NYSE: TIF) also saw shares rise a sharp 10% to $42.65 after the company beat earnings expectations that were already lowered and that were under last year. Interestingly enough, its guidance for 2008 was above expectations as well.

Shares of NVIDIA Corporation (NASDAQ: NVDA) were the beneficiary of the Barron's weekend calling it the better beneficiary of the visual computing boom. That helped shares rise by 8% to $20.03.

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