News Summary

Shares of Tiffany & Co (NYSE: TIF) gained about 8.3% after the company reported its first-quarter earnings at $81.1 million, or $0.63 per share, up from $64.4 million, or $0.50 per share, in the year-earlier period. Its adjusted earnings surged to $0.67 per share, from $0.48 per share. Tiffany's sales climbed 20% to $761 million. However, analysts were expecting earnings of $0.57 per share on revenue of $702.6 million. Tiffany projects 2011 earnings of $3.45 to $3.55 per share, excluding nonrecurring expenses. However, analysts expected earnings of $3.31 per share.

Shares of Computer Sciences Corporation (NYSE: CSC) dipped about 11% in pre-market trading after the company reported a 34% drop in its earnings for the fourth fiscal quarter. The company's net income from continuing operations dropped to $171 million, or $1.01 per share, from $259 million, or $1.66 per share, in the year-ago period. CSC's revenue came in at $4.2 billion for the recent quarter. However, analysts were expecting earnings of $1.11 per share on revenue of $4.23 billion. The company projects fiscal 2012 revenue in the range of $16.5 billion to $17 billion, versus analysts' estimates of $16.6 billion.

Shares of HJ Heinz Co (NYSE: HNZ) dropped about 0.2% after the company reported its fourth-quarter profit at $223.9 million, or $0.70 per share, up from $192.4 million, or $0.61 per share, in the year-earlier period. Its income from continuing operations climbed to $0.69 per share from $0.60 per share. Its sales rose 6% to $2.89 billion. However, analysts were expecting earnings of $0.72 per share on revenue of $2.87 billion. Heinz projects 2012 earnings of $3.29 to $3.39 per share, excluding items, versus analysts' estimates of $3.33 per share. Heinz also raised its annualized common stock dividend by 6.7% to $1.92 per share. Heinz also announced its plans to cut up to 1,000 jobs globally in FY12 as it closes five factories.

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