U.S. stocks fell on a Monday that saw financial shares lead the way lower, with banks and insurers as a sector off more than 1% for the day. The S&P 500 Index slipped 0.5%, the Dow Jones Industrial Average drooped 0.3% and the Nasdaq Composite was 0.6% lower.
Here’s a look at what to expect this morning:
Tiffany & Co. (TIF)
TIF shares are up strongly this morning as the luxury jewelry retailer beat on both the top and bottom lines.
For its third quarter, Tiffany earned 76 cents per share, besting the 70 cents it earned in the year-ago period, and topping estimates of 67 cents per share. Revenue, meanwhile, was up a little more than 1% to $949.3 million, skating past expectations for $923.8 million.
Comparable-store sales, while still down 2% for the quarter, were better than analysts’ estimates for a 4.1% drop. That was driven in large part by a surprise leap in Japanese comps of 20%.
As a result, TIF shares are up more than 5% in Tuesday’s premarket trade, eclipsing its year-to-date highs just below $82.
Apple Inc. (AAPL)
AAPL was slumping despite news that it had won an early victory in a battle against Australian banks over Apple’s Apple Pay service.
The Australian Competition and Consumer Commission said it wouldn’t let a group of Australian banks — Commonwealth Bank of Australia, Westpac Banking Corp (ADR) (NYSE:WBK), National Australia Bank Ltd. (ADR) (OTCMKTS:NABZY), and Bendigo and Adelaide Bank — boycott Apple Pay. The banks were in collective talks with Apple surrounding the hardware behind Apple Pay services to avoid antitrust issues.
According to the Wall Street Journal, “The banks argued that they should be able to offer competing wallets on Apple’s iOS platform, increasing competition and innovation in digital wallets and apps, and that by being able to negotiate collectively increased their chance of doing so.”
Apple was opposed to the original proposal, saying that offering its iPhone technology would have compromised the security and privacy of its customers. The banks believed such a move would have made mobile payments in Australia better.
Nonetheless, AAPL shares are off just less than 1% this morning.
TiVo Corp (TIVO)
The move will add Netflix’s services into TiVo boxes, marking another company that has chosen to add the online streaming site’s offerings to its set-top box.
The integration of both services will help consumers search the combined catalog of the two products with the intent of adding the best TV shows and movies that customers can enjoy “wherever and whenever,” according to Bill Holmes, Netflix global head of business development.
With the deal, TiVo remotes will come equipped with a Netflix button that you can press to access the service. Another agreement has been inked for Netflix, giving the company the opportunity to access TiVo’s patent portfolios.
“Our agreements with Netflix represent a major milestone for TiVo as we expand our offerings for the fast-growing OTT space, and further demonstrates our commitment to delivering innovative technologies to new and emerging markets,” said Tom Carson, CEO, TiVo.
TIVO shares were up 4% in early trade.