Mortgage applications dropped 1.6 percent from a week ago, according to data from the Mortgage Bankers Association's weekly mortgage applications survey. Tiffany & Company (TIF) earnings and revenue fell less than expected in the first quarter as a key sales metric grew across nearly every region, despite the continued negative impact of the strong U.S. dollar. But Michael Kors (KORS) gave another disappointing forecast. It was helped by store openings and a lower tax rate but the retailer gave another disappointing forecast for the current quarter. Reuters reports that gourmet sub chain Jimmy John's is preparing for an IPO that could value the company at $2 billion. Widely followed investment advisor Bill Gross admitted in his June investment outlook that his bet against the German Bund market was well timed but not profitable.