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Tiffany, Alcoa: Premarket Trading

NEW YORK ( TheStreet) -- Tiffany(TIF) raised its earnings outlook for the fiscal year ending Jan. 31, 2011, based on strong holiday sales.

The company said comparable-store sales in the holiday period rose 8% from the prior year.

For the year ending Jan. 31, Tiffany now sees net earnings from continuing operations of $2.83 to $2.88 a share, up from the previously expected range of $2.72 to $2.77. Net sales are expected to come in at almost $3.1 billion. The Wall Street consensus is earnings of $1.30 a share on sales of $1.07 billion.

Shares of Tiffany were up 0.9% to $61.50 in premarket trading Tuesday.

Alcoa (AA) surpassed fourth-quarter expectations by a penny or two, depending on which survey of Wall Street analysts you look at. Excluding a special gain of 3 cents a share, Alcoa posted EPS of 21 cents for the fourth quarter. Revenue came to $5.65 billion, barely missing the consensus target of $5.68 billion, according to a Thomson Reuters survey.

Shares of Alcoa were lower by 0.7% to $16.37 in premarket trading Tuesday.

Advanced Micro Devices (AMD) announced the surprise resignation of Dirk Meyer as president and CEO.

Shares of Advanced Micro fell 4.9% to $8.74 in premarket trading.

Lennar (LEN) said fourth-quarter earnings fell after revenue from home sales declined 13%. Lennar earned $32 million, or 17 cents a share, down from earnings of $35.6 million, or 19 cents a share, a year earlier, a period which included a $320.5 million tax benefit.

Shares of the company popped by 4% to $19.65 in premarket trading.

Sears (SHLD) said Tuesday it expects net income in the fourth quarter of $370 million to $450 million, or $3.39 to $4.12 a share, which is above analysts' estimates.

Shares of the company rose 4.6% to $73.85 in premarket trading.

Goldman Sachs (GS) reportedly plans to disclose more detail on the inner machinations of its operations, including how much revenue it reaps from its own trading and investing activities.

Shares of Goldman Sachs inched up by 0.3% to $170.30 in early trading.

Apollo Group (APOL) topped Wall Street expectations for its quarterly results. The company, which operates the University of Phoenix, reported an adjusted profit of $238.9 million, or $1.63 a share, for its fiscal first quarter ended Nov. 30, on revenue of $1.33 billion. Analysts polled by Thomson Reuters expected earnings of $1.35 a share on revenue of $1.26 billion.

Apollo shares jumped by 6.3% to $38.20 in premarket trading.

Reports say that Nvidia (NVDA) has signed a cross-licensing agreement with Intel (INTC) that settles the patent dispute between the companies and calls for Intel to pay Nvidia licensing fees totaling $1.5 billion over six years.

Shares of Nvidia rose 2.7% to $21.18. Intel was up by 0.1% to $20.72 in premarket trading.

Motorola Mobility Holdings (MMI) has been initiated with a buy rating and price target of $38 at Bank of America Merrill Lynch.

Motorola Mobility shares were up 3.1% to $33.25.

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-- Written by Andrea Tse in New York.

>To contact the writer of this article, click here: Andrea Tse.

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