NEW YORK - Csrnewsdaily.com Is announcing Investment Highlights on Tiffany & Co, 3M Co, Cisco Systems.
Tiffany & Co.(NYSE:TIF)’s net income fell 30 percent in the third quarter, falling short of Wall Street's expectations. Higher-than-expected tax rate, ongoing economic weakness and a steep rise in precious metal and diamond prices all contributed to the drastic drop. The jewelry company also cut its full-year earnings forecast.
Will TIF Rebound After Today’s Slump? Find Out Here http://csrnewsdaily.com/c1/?company=TIFThe company’s quarterly net income was $63.2 million, or 49 cents per share for the period ended Oct. 31, comparable with $89.7 million, or 70 cents per share, a year earlier. Analysts had forecast earnings of 63 cents a share.
Chairman and CEO Michael J. Kowalski said that the company is expecting better results in the holiday quarter, the prevalent global economic conditions notwithstanding.
Revenue rose 4 percent to $852.7 million against analysts’ expectations of $858.8 million.
Sales climbed 6 percent in Europe, 3 percent in the Americas, and 2 percent in the Asia-Pacific region.
The company known for its blue boxes has trimmed its outlook for the full year from $3.55 to $3.70 per share to $3.20 to $3.40 per share. Analysts were predicting $3.59 per share.Shares dropped $4.40 or 7 percent, to $59.32.
With the acquisition of Ceradyne complete, 3M Co(NYSE:MMM) has strengthened its transportation, energy, and defense divisions.
Will MMM Move Back To New Highs> Find Out Here http://csrnewsdaily.com/c1/?company=MMM
The Minnesota based company announced the completion of its tender offer for shares of Ceradyne.
On October 1, the conglomerate which manufactures products ranging from office products to roofing shingles, had announced its purchase of Ceradyne Inc. for $847 million.Ceradyne is based in California and has annual revenue of about $500 million. It will now become part of 3M's energy and advanced materials unit in its industrial and transportation business.
There is another acquisition on the cards. Cisco Systems, Inc.(NASDAQ:CSCO) is going to buy privately held software company Cariden Technologies Inc for about $141 million. It will be an all-cash deal.
Get Free Trend Analysis On CSCO Here http://csrnewsdaily.com/c1/?company=CSCOCalifornia-based Cariden which makes network traffic-management software will be integrated into Cisco's service provider networking group unit.
Cariden provides solutions for network planning, design and traffic management for telecommunication service providers.
Cisco seems to be on acquisition spree, this being its third in November. It has already said that it will buy privately held cloud networking company Meraki for $1.2 billion in cash, as part of its cloud and networking strategy.
Cisco shares were trading marginally higher at $18.91 in Thursday’s premarket trade. On Wednesday, they had closed at $18.83 on the Nasdaq.
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