Stocks in the news: AnnTaylor, J.M. Smucker, Salesforce.com
Some of the companies making major headlines today:
AnnTaylor Stores Corp. (ANN) reported Friday it swung to a quarterly loss, but adjusted profit came in higher-than-expected, helped by improved merchandise at its LOFT stores and cost cuts. Same-store sales fell 22.5 percent, with a 38 percent drop at the Ann Taylor chain and a 15.4 percent drop at LOFT. Shares fell over 5 percent ahead of the bell.
J.M. Smucker Co. (SJM) said Friday its fiscal first-quarter profit more than doubled to $98.1 million, or 83 cents per share, mostly on an 58 percent jump in sales due to last year's acquisition of the Folgers coffee business. Excluding charges, profit was 92 cents per share, well above analysts' estimates of 80 cents a share. Smucker also backed its yearly outlook and said earnings will fall at the higher end of its forecast. Shares gained about 3.4 percent in pre-market trading.