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Dollar/Fed in focus; Tiffany investors see green; Spam maker goes organic

Wall Street looking for a comeback after yesterday's selloff which saw all three major indexes (^DJI, ^GSPC, ^IXIC) fall more than 1%.

Yahoo Finance's Aaron Task says the drop came on concerns about the strong dollar and a possible Fed rate hike coming sooner than thought.  And those concerns will be the focus again today.

"The dollar is really key to everything," he explains.  "As the dollar goes, the stock market goes in the other direction right now."

Get the Latest Market Data and News with the Yahoo Finance App

Tiffany blue brings in green

Here’s a look at some of the stocks the Yahoo Finance team will be tracking for you today.

Tiffany (TIF) shares are soaring in early trading. The high-end retailer is reporting a beat on both its top and bottom lines for the first quarter. The company said new products and price increases will continue to help offset the impact of currency fluctuations on sales.

Michael Kors (KORS) shares are hitting a new 52-week low this morning as the luxury apparel retailer's earnings per share missed estimates by a penny, while revenue came in roughly in line with forecasts. The company said the stronger dollar is putting pressure on sales and it also issued a weak outlook for its current quarter.

Related: Tiffany shines; Michael Kors hits 52-week low; Hormel goes organic

TiVo (TIVO) shares are jumping in early trading. The maker of digital video recorders reported better-than-expected earnings and revenue for its first quarter. Sales rose 7% from a year earlier thanks to 27% jump in subscriptions. TiVo also said it bought Cubiware, a provider of software to pay-TV providers as the company looks for ways to increase its global footprint.

Hormel Foods (HRL) shares are higher this morning after the maker of Spam said it would buy organic meat brand Applegate for about $775 million dollars.  This as major food companies look to add healthier products to their pantries.

Related: Spam maker goes organic with Applegate

Soccer stunner

The world of soccer being rocked today...14 people -- including officials of the game's governing body, FIFA--are being charged in a massive corruption scheme. The Justice Department says the suspects engaged in a 24-year scandal, which included bribes, kickbacks and money laundering. Several were arrested in Switzerland today and are being extradited.  Separately, Swiss authorities are investigating alleged vote rigging for which cities would host the World Cup games of 2018 and 2022.

The IRS confirms that identity thieves obtained tax return information for more than 100,000 U.S. households. Criminals downloaded user information from the IRS website between February and May.

 Related: Tax fraud and identity theft: How to protect yourself

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