US markets
U.S. stocks were mixed on Tuesday after rallying the past days, with energy, financials and industrials leading declines. The Dow Jones Industrial Average lost 0.80% to 27,353, the S&P 500 index fell 0.65% to 3,211 and the Nasdaq Composite Index was up 0.23% to 9,948.
Gainers
• Newmont Corporation (NEM, Financial) +2.3%
• Abbvie Inc (ABBV, Financial) +1.6%
• Clorox Co (CLX, Financial) +1.5%
• Eli Lilly and Co (LLY, Financial) +1.3%
• ServiceNow Inc (NOW, Financial) +0.9%
• Johnson & Johnson (JNJ, Financial) +0.6%
Losers
• Coty Inc (COTY, Financial) -11%
• Concho Resources Inc (CXO, Financial) -9%
• Simon Property Group Inc (SPG, Financial) -8.7%
• Marathon Oil Corp (MRO) -8.1%
• Occidental Petroleum Corp (OXY, Financial) -7.2%
• PVH Corp (PVH, Financial) -7.2%
Global markets
The main European stock markets traded in the red. The UK's FTSE 100 lost 1.95%, France's CAC 40 retreated 1.34%, Germany's Dax was down 1.22% and Spain's Ibex 35 was down 1.87%.
In Asia, Japan's Nikkei 225 fell 0.38%, India’s BSE Sensex fell 1.20%, Hong Kong's Hang Seng increased 1.13% and China's Shanghai Composite was up 0.62%.
Tiffany releases earnings report
Shares of Tiffany & Co. (TIF, Financial) gained more than 2% on Tuesday morning after the company announce its first-quarter results. The company posted a loss of 53 cents per share, falling short of analysts’ estimates by 44 cents. Revenue of $555.5 million declined 44.5% year-over-year and was $98.47 million below expectations.
Worldwide net sales were down 45% to $556 million and comparable store sales declined 44%. By region, total net sales declined by 45% to $225 million in the Americas, by 46% to $174 million in Asia-Pacific, by 40% to $86 million in Japan and by 40% to $61 million in Europe.
As of the quarter's end on April 30, the company had cash and cash equivalents and short-term investments totaling $1.1 billion, with a total debt of $1.5 billion.
Charles Brandes (Trades, Portfolio) initiated a new position of 16,289 stocks in the company. Jeremy Grantham (Trades, Portfolio) reduced his holding by 9%, while First Eagle Investment (Trades, Portfolio) and John Rogers (Trades, Portfolio) sold out of the stock.
Disclosure: The author holds no positions in any stocks mentioned.
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