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Tiffany & Co.’s stock dropped 4.4% in premarket trade Wednesday, after the high-end jewelry retailer missed fiscal first-quarter sales expectations and provided a downbeat profit outlook, citing lower spending by tourists. For the quarter ended April 30, earnings fell to $87.5 million, or 69 cents a share, from $104.9 million, or 81 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 68 cents. Revenue declined to $891.3 million from $962.4 million, missing the FactSet consensus of $917.1 million. Same-store sales declined 9%, compared with the FactSet consensus of a 4.8% drop. For the full fiscal year, Tiffany expects EPS to decline in the mid-single-digit percentage range, while the FactSet consensus of $3.76 implies a 1.8% decline. “As expected, this was a difficult quarter in terms of both sales and earnings growth. We faced numerous challenges, including continued pressure from foreign tourist spending in Europe, the U.S. and Asia, particularly in Hong Kong,” said Chief Executive Frederic Cumenal. The stock has tumbled 16% year to date through Tuesday, while the S&P 500 has gained 1.6%.

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From:: Stock Market News

Royal Dutch Shell PLC is to cut at least another 2,200 jobs in 2016 in a bid to keep the company competitive in an environment of low oil prices, the oil giant said on Wednesday. The additional cuts bring the total job reduction to 12,500 people for 2015-2016, up from the 10,300 already announced. “These are tough times for our industry and we have to take further difficult decisions to ensure Shell remains competitive through the current, prolonged downturn,” said Paul Goodfellow, Shell’s Vice President for the U.K. & Ireland. “In 2016, the number of job reductions in response to low prices and as a result of the BG integration is expected to total at least 5,000 globally,” he added. Of the 2,200 job cuts announced on Wednesday, 475 people in the upstream business in the U.K. and Ireland will be affected, Shell said.

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Donald Trump and Hillary Clinton won Washington state’s presidential primaries Tuesday, although only Trump gained delegates. Washington ignores its Democratic primary results, instead allocating delegates through a Democratic caucus, which Bernie Sanders won in March. Sanders has fared well nationally in caucuses, which generally favor candidates with a more passionate base. Clinton still holds a comfortable lead in overall delegates. Trump on Tuesday had 76% of the Republican votes with 68% of precincts reporting, according to CNN. Though he is now running unopposed, Washington ballots were mailed out weeks ago with Ted Cruz, John Kasich and Ben Carson’s names still listed. Trump’s win gives him 44 more delegates, putting him just four away from clinching the Republican nomination, which he is in line to do in primaries scheduled for June 7.

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Estee Lauder Cos. said late Tuesday it will introduce additional measures as part of its restructuring effort that will result in charges of $89.7 million. The beauty products company earlier this month announced it will cut its workforce by up to 1,200 positions in line with its plan to streamline operations. At the time, the company had estimated restructuring costs of $600 million to $700 million. Shares of Estee Lauder were flat in after hours after gaining 1.6% to $92.14 during the regular session.

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Selecta Biosciences Inc. said it plans to raise up to $75 million in an initial public offering, according to a Securities and Exchange Commission filing late Tuesday. The Watertown, Mass.-based biotech uses synthetic vaccine nanoparticles to develop treatments for rare and serious diseases. Selecta reported $6 million in grant and collaboration revenue for a loss of $3.88 a share for 2015. The company plans to trade on the Nasdaq under the ticker “SELB”. UBS Investment Bank and Stifel are listed among underwriters for the IPO.

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From:: Stock Market News