Making the list of Trending Tickers today, as measured by your Yahoo Finance Ticker searches, are:
Endocyte (ECYT) - The biotech company nearly doubling as one of its drug therapies was proven to slow lung cancer growth. The drug also gained EU approval for treating certain forms of ovarian cancer.
Nike (NKE) - The footwear giant is trading lower today as current quarter guidance disappoints due to a stronger dollar hurting international sales.
Symantec (SYMC) - The maker of Norton Anti-Virus getting shellacked today after firing its CEO. It’s the second such move in the past two years.
Darden Restaurants (DRI) - the Red Lobster and Olive Garden operator higher today after another weak earnings report strengthened the hand of activist investors like Starboard Capital;
Lots of great stories, but topping the tickers list today is Audrey Hepburn’s favorite, Tiffany (TIF)
The little blue box company has been on a roller coaster today as investors sift through an earnings report more complicated than love itself. For the quarter Tiffany missed earnings estimates by four cents excluding a one time legal expense. They also guided lower for 2014 to between 4.05 to 4.15. Analysts had been looking for 4.27.
That double dose of sadness triggered a pre-market drop of more than 3% for the shares.
Once investors got around to diving into the details they decided things weren’t as bad as it seemed. Revenues were higher in every sales region on a constant currency basis, but got hammered by the strong dollar. The best example is Japan where sales in dollar terms fell 12% but actually rose 8% when you adjust for the weak yen.
In fact Tiffany’s sales were higher on a comp store basis in every region of the world. Ultimately analysts decided to reward the company for doing well as a merchant and blame all the currency problems on central bankers.
Tiffany’s stock is up more than 36% over the last year; a triumph of love over finance.
That’s your trending ticker for today. Have a great weekend and we’ll see you here on Monday.
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