>>> Tiffany & Co beats by $0.20, beats on revs; guides Q2 EPS below consensus; r

Tiffany & Co beats by $0.20, beats on revs; guides Q2 EPS below consensus; raises FY15 EPS, reeaffirms FY15 net sales guidance

Reports Q1 (Apr) earnings of $0.97 per share, $0.20 better than the Capital IQ Consensus of $0.77; revenues rose 13.0% year/year to $1.01 bln vs the $0.95 bln consensus.
  • On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales rose 15% and comparable store sales rose 11% due to growth in most regions.
    • Comps (constant FX): Americas +8%, Asia-Pacific +10%; Japan +29%; Europe +3%
  • Gross margin was 58.2% vs. ~57% estimates and 56.2% last year. The increase reflects favorable product costs and price increases across all product categories and regions, as well as sales leverage on fixed costs resulting from the strong increase in worldwide net sales.
Co issues downside guidance for Q2, sees EPS ~equal to last year [$0.83] vs. $0.93 Capital IQ Consensus.

Co issues guidance for FY15, raises EPS to $4.15-4.25 from $4.05-4.15 vs. $4.17 Capital IQ Consensus. Co reaffirms worldwide net sales increasing by a high-single-digit percentage, with all regions expected to achieve growth in their total sales in U.S. dollars and in comparable store sales on a constant-exchange-rate basis. 2) Adding 13 Company-operated stores and closing four existing stores: opening four in the Americas, five in Asia-Pacific, two in Japan, and one each in Europe and Russia, while closing one each in the Americas, Asia-Pacific, Japan and the U.A.E. 3) Earnings from operations as a percentage of net sales increasing due to a higher gross margin and SG&A expense growth less than sales growth.

Manager-Magazin : Siemens is working intensively on Alstom bid

Link to Article :{http://bit.ly/R883tL}

In the Alstom-Siemens takeover Poker requests further information on the French industrial group. The Germans seem to work intensively on a bid for Alstom. France's Economy Minister Monte Bourg interprets a corresponding letter as a sign of determination.

Paris / Munich - In the race against U.S. rival GE, Siemens had requested more information about the Alstom Power Technologies division, said French Minister of Economy Arnaud Montebourg outside parliament in Paris. "Siemens is doing his job and has this morning sent a letter to Alstom and is more information and a deeper insight into Alstom requires, probably to make a suggestion," said the minister. On the nature of Siemens Show Chartrequested additional information he was an unspecified, thanked Siemens CEO Joe Kaeser for the determination.

Without details to name added Monte Bourg added a little later, in the letter to Alstom Show Chart, the "axes" of a possible alliance had been clarified. Siemens declined to comment.
From the environment by Alstom and Siemens, it was said that the quality of the data-rich, Siemens CEO Joe Kaeser not yet made. In France, the reaction has been irritated. Siemens has the same data as get the rival Americans. Alstom CEO Patrick Kron Siemens will answer politely, of desire, but shoot down, it said in negotiating circles. The steps were part of the usual haggling for large acquisitions.

According to the "Handelsblatt" Siemens is working hard on a deal for the energy division of Alstom. "We will fight hard to win," said a company representative. All activities of the French fit "well into our own portfolio." Siemens wants to take into account the concerns of the Government as well as the Alstom shareholders and workers, it said.

However, experts doubt whether Joe Kaeser is willing to engage in a multi-billion dollar poker with U.S. rival for the relatively low-return business of the French. IG Metall has already signaled to him that she did not want to endorse a purchase at any price.

General Electric Show Charthas been 12.35 billion euros for the main business of the French. offer The limits, however, to resist the government in Paris. Alstom intends to examine the offer until June 2. Siemens France had called for help, because it sees the wooing of the Americans to Alstom skeptical and feared job losses in France. Under this pressure, Alstom has his books for Siemens opened. The electronics giant has not yet submitted no bid, but wants to do so until the month of change.

MAnager-Magazin China is German machine builders to twice

The export world champion title makes the German machine builders still no one would dispute. But the headwind is stronger. The Russian market is weakening significantly, a study shows. And in China threatens the industry more competitive.

Hamburg - At least with a number can Germany's flagship industry still really shine: As before, the position of the German machine builders as export champion is undisputed. With a global market share of 14 percent in 2012, Germany remains the leading engineering-exporting nation, followed by the USA and China.

But there are many indications that the times for Germany's mechanical engineers are rougher. Last year, Germany's machinery exports are stagnating at just under 149 billion euros. In the first months of this year, order intake was slightly below the previous year's level - and in two important markets could make it difficult for the Germans this year. This shows a study by the consulting firm AlixPartners, the manager magazin online is present.
Little edifying for Germany's mechanical engineering is the current situation in Russia. Almost five percent of German machinery exports go to the country that is the fourth largest export market for the industry.

Already in 2013 the exports went to Russia back slightly, as already cooled the Russian economy. But in the first two months of this year, the engineering exports to Russia have declined by as much as 16 percent. The political dispute between Russia and Ukraine dampens economic expectations, pushing the ruble exchange rate and sells foreign investors. If the crisis continues, my consultants AlixPartners, this would have a 'significant negative effect on the German engineering exports to Russia. "

Machinery made in China preparing for second wave of expansion

Particularly important for Germany's flagship industry, the Chinese market. The Giant Country provides single-handedly for nearly 30 percent of global demand for engineering products. Between 2003 and 2013, China's machinery imports increased by 9 percent annually.

But now, according to the study authors suggest some evidence for an end to this stable growth phase. This year, the demand for engineering products will attract moderate to 7 percent, according to the study, the authors expected in the following years with a marked reduction in economic growth of China.

German mechanical engineering companies have earned an excellent reputation in China long ago and are regarded as a technology leader. Still can not match China's machine builders with the Germans. But now they want to increase score with improvements in maintenance and service - and pushing into new markets.
Because so far, the Chinese have, especially in developing countries expandiert.Doch from 2015, the study authors expect a stronger commitment of the Chinese in developed industrial nations. In addition, the Chinese will focus more on acquisitions to gain access to know-how - and want to make up for technological residues with better service.

German engineering company can counter this, the authors mean. For one, they should put on the right technologies - such as robotics and intelligent networking of the production. On the other hand provides the average technology sector in emerging markets, the greatest growth potential. German companies can score here if they adapted to local markets that offer slightly scaled-down products.

(Manager-Magazin) Daimler wants to stop battery cell production

The auto giant Daimler is considering the closure of its battery company Li-Tec. 2016 at the latest to expire on the current state of production in Saxony Kamenz.
Hamburg - The plant currently manufactures only Kamenz battery cells for Daimler's electric Smart. The cells for the beginning of 2016 planned successor will, however, probably provide the Korean electronics company LG, manager magazine reports in its new issue (publication date: May 23), citing Consolidated circles.
Daimler said, in Li-Tec everything goes according to plan and were working on a concept for the future lineup.
The car company had taken over Li-Tec in April to 100 percent. The car company had operated Li-Tec and also based in Kamenz German Accumotive previously in a joint venture with the Essen-based chemical company Evonik.
The German Accumotive processes the cells to manufacture batteries. She was unlike Li-Tec is not at risk because they mount also cells of other suppliers, according to Stuttgart. Daimler will probably offer some of the 360 ​​Li-Tec employees in the event of closure, switch to Accumotive.
Li-Tec has never fulfilled the expectations of Daimler and Evonik. Originally the work Kamenz should build the cells for some 30,000 cars per year. The orders were, however, never reached the expected level, reports the manager magazin.
More economic firsthand ? The text above is just a small extract from the

>>> Lowe's misses by $0.02, misses on revs; guides FY15 EPS above consensus, rea

Lowe's misses by $0.02, misses on revs; guides FY15 EPS above consensus, reaffirms FY15 revs guidance

Reports Q1 (Apr) earnings of $0.58 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of $0.60; revenues rose 2.4% year/year to $13.4 bln vs the $13.86 bln consensus.
  • Excluded in the above reported results are charges related to long-lived asset impairments, which reduced pre-tax earnings for the first quarter by $23 million and diluted earnings per share by $0.01.
  • Also excluded in the above reported results is the impact of a lower tax rate in the first quarter. The lower tax rate, primarily the result of a settlement of prior year tax matters, contributed $0.04 to diluted earnings per share.
Comps
  • Q1 comparable sales increased 0.9%
Guidance:
Co issues reaffirms guidance for FY15, sees EPS of ~$2.63, excluding non-recurring items, vs. $2.62 Capital IQ Consensus Estimate; sees FY15 revs of up ~5% to ~$56.09 bln vs. $56.08 bln Capital IQ Consensus Estimate.
  • Comparable sales are expected to increase ~4%.
  • The company expects to open ~10 home improvement and 5 hardware stores.

>>> Lowes Cos Inc Reports Q1 $0.61* v $0.61e, R$13.4B v $13.9Be- Raises FY14 $2.

--> Stock indicated higher - very low volumes

Lowes Cos Inc Reports Q1 $0.61* v $0.61e, R$13.4B v $13.9Be- Raises FY14 $2.63 v $2.61e, Rev +5% y/y, implies $56.1B v $56.1Be, operating margin +65bps (prior $2.60, Rev +5% y/y, implies $56.1B; operating margin +65bps on Feb 26th) 
- Reaffirms FY14 SSS +4% (prior +4%) 
- Lowers FY14 to open approximately 10 home improvement (prior 15) and 5 hardware stores (prior 5). 
- Q1 SSS +0.9% 
- Gross margin 35.5% v 34.8% y/y 
- CEO: Performance has improved in May which, together with our strengthening execution, gives us the confidence to reaffirm our sales and operating profit outlook for the year, 
- While poor weather dampened traffic and negatively impacted performance of exterior categories, results for indoor categories were solid. We effectively aligned inventory, staffing and marketing resources by climatic zone to best serve customers' needs. I would like to thank our employees for their dedication to serving customers. 

*Included in the above reported results are charges related to long-lived asset impairments, which reduced pre-tax earnings for the first quarter by $23 million and diluted earnings per share by $0.01. Also included in the above reported results is the impact of a lower tax rate in the first quarter. The lower tax rate, primarily the result of a settlement of prior year tax matters, contributed $0.04 to diluted earnings per share.

(BFW) European Insurers to Buy Global Equities in 2014, Allianz Says...

European Insurers to Buy Global Equities in 2014, Allianz Says
2014-05-21 09:46:02.331 GMT


By Sarah Jones
     May 21 (Bloomberg) -- Insurers will probably increase
holdings in stocks more than other institutions in next 12
months, Allianz Global Investors’ RiskMonitor survey shows.
  * 39% of insurance respondents plan to increase allocation to
    international equities vs. 27% for investors from European
    banks
  * Allianz GI’s Karl Happe says insurers are looking to
    stabilize investment results, lower dependency on interest
    rates
  * About 30% of European institutional investors want to buy
    more global equities, 21% plan to buy emerging-market stocks
    vs. 5% who want to sell
  * NOTE: Survey was conducted in Q1, based on 400 respondents
    from 51 countries that together manage ~$20t


For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
Sarah Jones in London at +44-20-7673-2419 or
sjones35@bloomberg.net
To contact the editor responsible for this story:
Edward Evans at +44-20-3525-3190 or
eevans3@bloomberg.net