aa

Luxury retailer Tiffany (TIF) provided some news for a normally slow pre-Thanksgiving trading session, announcing third-quarter earnings for the Street to chew on.

The luxury retailer reported third-quarter earnings of 35 cents per share, matching its results from a year earlier. Earnings from continuing operations came in at 34 cents per share. By either measure, TIF handily topped the consensus estimate for earnings of 24 cents per share.

Analyst upgrades:

• UBS upgraded Corning (NYSE: GLW) to Buy from Neutral and raised its target to $19 from $18.50, citing the improved LCD supply-demand outlook and improved sell-through ahead of the holiday season in China.
• Credit Suisse upgraded Newfield Exploration (NYSE: NFX) to Outperform from Neutral and raised its target to $48 from $44 citing valuation and improved asset quality.
• Stifel upgraded Newfield Exploration and Ultra Petroleum (NYSE: UPL) shares to Buy from Hold based on strong fundamentals and a long-term positive view for the E&P sector. The firm has a $50 target on Newfield and a $58 target on Ultra Petroleum.
• TJX Companies (NYSE: TJX) was upgraded to Conviction Buy from Buy at Goldman.
• General Mills (NYSE: GIS) was upgraded to Overweight from Equal Weight at Morgan Stanley.
• Coca-Cola Femsa (NYSE: KOF) was upgraded to Buy from Neutral at BofA/Merrill.

Nike (NYSE: NKE) has thus far navigated this downturn exquisitely. It has maintained sales overseas, in particular in Asia. Nike's legendary supply-chain mastery and inventory management skills have likewise served it very well. So it was a shock when the shoe giant announced Wednesday that future orders had dropped by 12%, according to Bloomberg. Bummed out investors bid down Nike share's by nearly 5% in after-hours trading.

Granted, Nike faced difficult comps. During the Beijing Olympic Games last summer Nike togs were selling like hotcakes around the globe. And a chunk of the reduction in order value came due to currency fluctuations. But it's hard to deny that this quarterly earnings announcement was a bleak reminder that the "green shoots" may be more of a Washington creation than a reality in the global economy.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• American Eagle Outfitters Inc. (NYSE: AEO) reported better-than-expected Q1 earnings, lifting shares.
• AutoZone Inc. (NYSE: AZO) posted a better-than-expected Q3 profit said it will continue to buy back shares.
• Bank of Montreal (NYSE: BMO) reported lower Q2 earnings and also announced 1,100 layoffs.
• Big Lots Inc. (NYSE: BIG) higher Q1 earnings topped estimates even though same-store sales fell.
• BioMed Realty Trust Inc. (NYSE: BMR) earnings prospects after the recent capital raise led to a downgrade.

Tiffany & Co. (NYSE: TIF) reported its first quarter results this morning, matching analyst estimates with 20 cents per share on lower sales. This marks a 60% drop year over year compared with the 50 cents per share that it earned during its first quarter of 2008.

As I noted in our earnings preview yesterday, the luxury jewelry retailer is facing some tough times. Consumers have been cutting back on spending, and this is being felt by all retailers. Tiffany has been no exception.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Accenture Ltd. (NYSE: ACN) said revenues and bookings both declined in the most recent quarter.
• Best Buy Co. Inc. (NYSE: BBY) reported strong Q4 results in the wake of Circuit City's demise.
• Carnival Corp. (NYSE: CCL) sailed past analysts' Q1 projections, sending shares higher.
• ConAgra Foods Inc. (NYSE: CAG) Q3 results topped analysts expectations and drove shares higher.
• DryShips Inc. (NASDAQ: DRYS) swung to a larger-than-expected Q4 loss and revenue slipped.
• DSW Inc. (NYSE: DSW) reported a bigger-than-expected Q4 loss as same-store sales declined.

The shares of Tiffany & Co. (NYSE: TIF) are taking a beating today, down nearly 3% at last check. Traders are reacting to news that Trian Fund Management L.P., under the helm of billionaire investor Nelson Peltz, reduced its stake in TIF from 8.5% to 6.9%.

According to a filing with the Securities and Exchange Commission, Trian sold 2.25 million shares on Wednesday and Thursday at prices ranging from $22.58 to $22.61 per share. Now, the fund beneficially owns 8.49 million shares of TIF.

Late last year my colleague Joseph Lazzaro posted a story about NYU's 'Dr. Doom' Roubini: Stocks may fall another 20% during recession. That has to make one take pause when considering an investment in the stock market today, even after a major drop retesting November lows this week. On the other hand, Warren Buffett went out of his way to encourage the investing public and money managers alike that it was safe to go back into the market.

However, today it has been widely reported that Buffett sold off half of his holdings in Johnson & Johnson and trimmed his stake in Procter & Gamble.