U.S. stocks traded lower Friday as the Dow Jones Industrial Average recently lost 1.4% to 10995, the Standard & Poor's 500 slid 1.4% to 1144 and the Nasdaq Composite declined 1% to 2397. Among the companies whose shares were actively trading in the session were Tiffany & Co. (TIF) OmniVision Technologies Inc. (OVTI) and Pandora Media Inc. (P).
Tiffany's ($66.68, +$3.57, +5.66%) fiscal second-quarter earnings rose 33% on double-digit sales growth in all geographies, led by the Asia-Pacific region, and results easily beat views. The high-end jewelry retailer also raised its full-year earnings estimate.
OmniVision Technologies' ($17.11, -$7.71, -31.06%) fiscal first-quarter earnings more than doubled on its continued sales and margin strength, but the imaging-technology company predicted a paltry performance in the current quarter relative to analysts' expectations.
Pandora Media ($13.28, +$0.81, +6.50%) posted a loss in the fiscal second quarter as growth in costs outstripped that of revenue in the Internet-radio operator's first quarterly report as a publicly traded company. But shares were up as Pandora reported an unexpected core profit on a stronger-than-expected top line.
Oslo-listed oil tanker giant Frontline Ltd. (FRO, $6.25, -$0.23, -3.50%) (FRO.LN) on Friday said it swung to a $35.24 million net loss in the second quarter, from a year-earlier profit of $81.31 million, due to weak demand for tankers that has continued into the third quarter.
Aruba Networks Inc.'s (ARUN, $18.91, +$1.77, +10.33%) fiscal fourth-quarter earnings soared over last year's slight profit as the telecommunications-equipment maker continued to benefit from strong demand for its business-oriented offerings.
Other Stocks In Focus:
Belden Inc.'s (BDC, $26.99, -$0.59, -2.14%) chief financial officer plans to retire at the end of the year, prompting the company to unveil a succession plan it said has been long underway.
HollyFrontier Corp. (HFC, $66.68, +$0.68, +1.03%) said its board approved a nearly 17% increase to the refiner's quarterly dividend, joining a growing list of companies looking to return value to shareholders.
Krispy Kreme Doughnuts Inc.'s (KKD, $8.57, +$0.73, +9.31%) fiscal second-quarter profit soared as the doughnut chain posted higher same-store sales and a sharp increase in franchise revenue abroad, while a one-time gain also boosted the bottom line.
Janney Capital Markets upgraded its stock-investment rating on Micros Systems Inc. (MCRS, $43.00, +$1.98, +4.83%) to buy from neutral as the company continues to post improving results and gain market share. Micros, which designs and manufactures point-of-sale computer systems for the hospitality industry, also benefits from market diversification that Janney said is "difficult to replicate."
MTS Systems Corp. (MTSC, $34.37, -$0.56, -1.60%) on Thursday said Chairman and Chief Executive Laura B. Hamilton was "leaving the company by mutual agreement with the board" effective the same day. The company, which makes test systems and position sensors for industrial and vehicular markets, separately said it was boosting its quarterly dividend by 25%.
Citi cuts its stock-investment rating on Regeneron Pharmaceuticals Inc. (REGN, $53.35, -$2.94, -5.22%) to hold from buy and lowers its price target as it reworks the working capital section of its discounted cash flow model for the company. Still, Citi says it likes the stock long term and investors will focus on company's pipeline saying Eylea can become a major selling treatment for age-related macular degeneration.
Shoe Carnival Inc.'s (SCVL, $25.96, -$0.83, -3.10%) fiscal second-quarter profit fell 34% as the retailer blamed inclement weather for softer-than-expected sales, though it issued an optimistic outlook for the current period.
Morgan Stanley downgraded its stock-investment rating on Starwood Hotels & Resorts Worldwide Inc. (HOT, $38.87, -$1.80, -4.43%) to equal weight from overweight and lowered its price targets. The firm cited Starwood's high European exposure and lack of catalysts as limitations to near-term upside.
UBS says stock price action yesterday indicated the market is expecting Hurricane Irene to cost the insurance industry roughly $10 billion. That would place Irene among the costliest hurricanes in U.S. history, but still far behind the more than $40 billion that private insurers paid out after Hurricane Katrina in 2005. At $10 billion, most of the costs would be born by primary insurers instead of the reinsurers. Based on market share in the mid-Atlantic, UBS says a $10 billion storm would reduce equity at Travelers Cos. (TRV, $46.78, -$1.21, -2.52%) by 2.1% and at Allstate Corp. (ALL, $23.74, -$0.69, -2.82%) by 1.8%. That's costly, but not catastrophic to insurer balance sheets.
Westar Energy Inc. (WR, $24.95, -$0.51, -2.00%) asked Kansas regulators to allow a 5.85% rate increase, citing higher operating costs and the burden of federal regulations.
