11:53 am Corning (GLW)

Corning (GLW 16.91, +0.38) is interested in acquisitions and is confident that revenue in its fourth quarter will top $1 billion, according to a report from The Wall Street Journal.

Corning CEO Peter Volanakis told the paper that the company has about $3 billion in cash and is looking at targets across all of its divisions, but isn't in any concrete talks right now.

Volanakis also told The Wall Street Journal that the company expects revenue in the fourth quarter will come in at more than $1 billion -- the First Call consensus expects $1.41 billion.

Corning, which produces glass used in LCD TVs, said the global glass supply remains "very tight" in the fourth quarter and heading into the first quarter.

Shares of GLW are more than 77% higher year-to-date.

10:41 am J. Crew Group (JCG)

Shares of J. Crew Group (JCG 43.94, +3.10) are soaring Wednesday morning after the company reported quarterly earnings and revenue figures that topped Wall Street estimates.

J. Crew reported third quarter earnings of $0.67 per share, $0.09 better than the First Call consensus of $0.58.

Revenues rose 14.1% year-over-year to $414.1 million, topping the $408 million consensus.  Same-store sales increased 8% in the quarter.

Gross margin increased to 48.4% from 41.6% in the same period last year.

J. Crew issued in-line guidance for the fourth quarter, saying it expects earnings of $0.37 to $0.42 per share; the consensus stands at $0.40.

Shares of JCG have climbed more than 258% year-to-date and are nearing the 52-week high of $44.29.

09:02 am Tiffany & Co. (TIF)

Tiffany & Co. (TIF 41.83) reported better-than-expected earnings and revenue for its third quarter and issued a pleasing forecast for fiscal 2010, sending shares of the New York-based company markedly higher ahead of Wednesday's opening bell.

Tiffany reported third quarter earnings of $0.33 per share, excluding nonrecurring items, $0.09 better than the First Call consensus of $0.24.

Revenues fell 2.9% year-over-year to $598 million, but topped the $575.1 million consensus estimate.

"We were pleased to see that the rate of sales declines in the U.S. lessened as the quarter progressed. At the same time, many countries in Asia-Pacific and Europe achieved considerably better-than-expected sales," said CEO Michael J. Kowalski.  "These results, combined with ongoing expense restraint, contributed to earnings above our prior expectation."

For the fourth quarter, Tiffany expects a mid-single-digit percentage increase in worldwide sales.  The company said that total sales growth in November is tracking favorably with expectations.

Tiffany issued upside earnings guidance for fiscal 2010, saying it expects earnings to range from $1.88 to $1.98 per share, up from its previous forecast of $1.65 to $1.75 per share.  The forecast easily tops the current consensus estimate of $1.77.

Shares of TIF are about 6.4% higher 30 minutes ahead of Wednesday's opening bell.

08:38 am Deere & Co. (DE)

Deere & Co. (DE 52.29) reported fiscal fourth quarter earnings and revenue that easily topped consensus estimates but forecast that equipment sales would slip 1% in fiscal 2010.

Deere reported fourth quarter earnings of $0.23 per share, excluding nonrecurring items, $0.20 better than the First Call consensus of $0.03.  Not included in the reported figures was $364.8 million in pretax charges related to impairment of goodwill and voluntary employee-separation expenses.

Revenues fell 29.8% year-over-year to $4.73 billion, but managed to beat the $4.44 billion consensus estimate.  Sales in the U.S. and Canada were down 26% for the quarter, while international sales fell 35%.

Looking ahead to fiscal 2010, Deere said it expects equipment sales to decline about 1% for the year and about 10% year-over-year for the first quarter.  The consensus estimate expects 2010 revenues to decline 2%, with a 12% drop in the first quarter.

Shares of DE are up 36.5% year-to-date.

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