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U.S. stocks rallied in late trade to close higher Wednesday, after the minutes from the Federal Reserve’s May 2 meeting confirmed that policy makers support a June rate increase and are maintaining a calm attitude about the inflation outlook.
Stocks were under pressure earlier as geopolitical and trade concerns continued to dent investor sentiment. Dow Jones closed at 0.2% with S&P 500 advanced at 0.3% and Nasdaq Index gained 0.6%. Technologies and Utilities led the gains, up 0.9% and financial stocks closed 0.6% lower.
Tiffany & Co.’s innovative design drive up sales
Tiffany & Co.’s little blue box is fashionable again thanks to innovative design and fresh new collections that analysts say have helped the jewelry purveyor drive better-than-expected earnings results.
“Tiffany, it seems, finally realizes the most consumers of all ages no longer want old-world luxury; they want modern, fresh thinking that excites and inspires them,” analyst said.
The company shares rose around 20% on Wednesday.
The New York-based upscale jeweler is benefiting from its turnaround plan that was put in place to stem price-conscious millennial shoppers from drifting to stores and websites of newer players such as Denmark's Pandora A/S and online jeweler Blue Nile.
The company's sales in the Americas, its biggest market, rose 9 percent and Asia-Pacific 28 percent in the three months ended April 30.
Tiffany also announced a new share buyback program of up to $1 billion.
Excluding one-time items, the company earned $1.14 per share, while Wall Street analysts had expected 83 cents per share. Tiffany shares are up 17% for the year to date while the S&P 500 index is up 1.6% for the period.
Foxconn units seeks to raise the biggest Chinese IPO since 2015
Foxconn Industrial Internet (FII), a subsidiary of the world's largest contract manufacturer Foxconn, announced plans to raise up to $4.26 billion in what will be mainland China's biggest IPO in almost three years.
Also known as Hon Hai Precision Industry, Shenzhen-based Foxconn is a major contractor for Apple but has sought to move up the value chain in recent years by designing and producing its own advanced equipment, rather than assembling imported high-tech components into iPhones and PCs.
With 10 percent of its enlarged capital offered in the initial public offering (IPO), Shenzhen-based FII would have a valuation of about $43 billion at listing. Book building for the IPO is today, May 24.
The listing is widely seen as a step for the company to wean itself off heavy reliance on manufacturing smartphones for the California-based iPhone maker and to diversify into new areas.
Foxconn has signaled previously that FII will launch projects in areas including smart manufacturing, industrial internet, cloud computing, and fifth-generation wireless technologies.
The IPO is also a reflection of Beijing's seriousness in luring tech giants onto mainland exchanges.
FII plans to sell 30 percent of its public share offering to a group of strategic investors in a rare move for mainland deals. The strategic investors will have the investment tied up for a period between one and three years. In an additional unusual move, 70 percent of institutional investors' allocated shares will also be locked up for 12 months.
Clients of FII include companies such as Amazon, Apple, Cisco, Dell, Huawei and Lenovo.
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