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Research Market strategy
by Swissquote Analysts
Morning News

Tiffany's stock slips after profit and sales miss expectations

Topic of the day

Tiffany & Co. (TIF) reported a fiscal third-quarter profit that fell more than expected, and net sales and same-store sales that missed forecasts. The stock slipped 0.5% in premarket trading. Net income declined to $78.4 million, or 65 cents a share, from $94.9 million, or 77 cents a share, in the year-ago period. The FactSet consensus for net EPS was 87 cents. Net sales inched up to $1.015 billion from $1.012 billion, but was below the FactSet consensus of $1.037 billion. Americas sales fell 4% to $423 million to miss expectations of $442.5 million, while Japan sales increased 19% to $169 million to beat expectations of $156.3 million. Same-store sales were unchanged from a year ago, missing the FactSet consensus of 1.1% growth. The results come about a week after Tiffany announced an agreement to be acquired by LVMH Moet Hennessy Louis Vuitton in a deal valued at $16.2 billion. Tiffany's stock has soared 66% year to date through Wednesday while the S&P 500 has gained 24%.

Swiss stocks

The SMI closed up 0.3 percent to 10,364 points Thursday after hitting 10,439 points during trading, buoyed by a Chinese Ministry of Commerce statement that the tariff and trade talks with the US were on track. Luxury goods stocks were in demand on reports of takeover talks between France’s Kering and Italy’s Moncler group, though Moncler CEO Remo Ruffini said it was exploring possibilities with many companies. Swatch gained 2.0 percent, Richemont fell 0.3 percent. Novartis climbed 0.3 percent after voicing confidence at an investor conference of sustained and long-term growth with more than 25 potential blockbusters in its pipeline. AMS slid 0.3 percent, with a further 15.2 percent of Osram shareholders still needed to accept its takeover offer only a few hours before the acceptance deadline. Second-tier stock Bank Julius Baer fell 0.6 percent on news it will set aside CHF 153 million to cover demands in a legal case pertaining to assets that went missing after German reunification.

International markets

Europe

European markets were mostly lower as trade jitters continue to unsettle investors on both sides of the Atlantic. The Stoxx Europe 600 was down 0.1%, the FTSE 100 was off 0.7% and the DAX fell 0.65%, though the CAC-40 edged higher. Trade-row concerns remain a key driver of market sentiment in a week of ups and downs, thanks to changeable headlines around US-China relations, says Josh Mahony at IG. "Hopes that the ongoing NATO meeting might strengthen relationships between traditional allies have been dashed, with Trump abruptly leaving the summit without any breakthrough on key issues such as US-EU tariffs. "Shares in Italian jacket maker Moncler surged in Milan after Bloomberg reported Kering , the French luxury brands owner, has held exploratory talks to buy it. Kering shares rose 1.7%. Neither company commented. An analyst at ING said a buyout price could be 13 billion euros ($14.4 billion). Accor's (+1,9%) agreement to sell a 5% stake in hotel group Huazhu for $451 million is likely to be received with mixed reactions, Citi says. "On the one hand this demonstrates successful partial exit of an historical investment. On the other hand it limits any further upside from Huazhu's development of Accor's brands in Greater China, and could suggest management has specific plans for the cash (e.g. M&A / cash returns)," it says

United States

U.S. stocks edged higher intraday as investors parsed the latest headlines on the trade dispute with China and looked ahead to Friday's jobs report. The S&P 500 rose 0.2%, while the Dow Jones Industrial Average gained 0.1%. The Nasdaq Composite inched up less than 0.1%. Trade-related news has driven markets this week. China again offered reassurance Thursday on the state of trade talks between the world's two largest economies, with a spokesman for China's Commerce Ministry saying the negotiating teams have maintained close communications. Investors have been watching the negotiations particularly closely with the approach of the next wave of proposed tariff increases, which are due to go into effect Dec. 15. Investors will closely watch Friday's nonfarm payrolls data for additional insights into the health of the U.S. jobs market. The employment figures could turn weaker given the slowdown in corporate investment spending and the weakening in new job openings reported earlier this week. As broad stock indexes showed muted moves, earnings reports drove swings in individual stocks. Shares of fashion retailer Express jumped 26% after it reported third-quarter sales that beat expectations. Shares of Five Below rose 4.4% after the discount retailer beat estimates for the third quarter. Michaels shares fell 13% after the crafts retailer reported a drop in profit. Shares of Brown-Forman fell 6.4% after the maker of Jack Daniel's whiskey lowered its guidance for growth in underlying operating income. Among the sectors in the S&P 500, materials and financials led the way, while shares of consumer-staples and energy companies lost ground.

Asia

Asian markets made modest gains, and stocks on Wall Street closed slightly higher Thursday. It was a subdued trading day in the U.S., with major indexes edging downward in the morning before recovering to close the session in positive territory

Bonds

U.S. Treasury yields climbed intraday after a report on jobless claims came in better-than-expected, reflecting health in the labor market ahead of a key reading of employment on Friday that could offer further insight on the state of the domestic economy. Initial jobless claims dropped 10,000 to 203,000 in the seven days ended Nov. 30, the government said Thursday, marking the lowest level read since mid-April, when new claims fell to a 50-year low of 193,000.

Analysis

IR rises the Orange target to 15 (14,60) EUR – Hold
GS rises Nike to Buy (Neutral) – Target 112 USD
JPM lowers the Airbus target to 149 (156) EUR – Overw.


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