U.S. shares rose today as major benchmarks recovered ground one day after their biggest losses in weeks. The S&P 500 (INDEXSP:.INX) rose 0.7 percent to 2,119 at 12:23 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) increased 0.6 percent to 18,154, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) jumped 1 percent. Most followed shares included Tiffany, Hormel Foods, Michael Kors, DSW, Toll Brothers, Reynolds American, Workday, Brown Shoe, Movado, TiVo, and AbbVie.
In consumer-discretionary shares, Tiffany & Co. (NYSE:TIF) jumped 11.6 percent to $95.42 after the luxury jewelry chain posted quarterly profit that topped estimates. Revenue was also well above forecasts despite the negative effects of a strong dollar. The results follow a downbeat forecast given by Tiffany earlier this year.
Hormel Foods (NYSE:HRL) advanced 3.9 percent to $58.68 after the maker of Spam agreed to buy closely held Applegate Farms LLC for about $775 million. It would be Hormel’s largest acquisition to date.
Michael Kors Holdings (NYSE:KORS) tumbled 23.5 percent to $46.38 after its 2016 earnings forecast fell short of projections. The company, however, reported its slowest sales growth in 3½ years, and its full-year forecast, however, is below Street estimates.
DSW (NYSE:DSW) surged 4.0 percent to $35.61 after the shoe retailer reported a better-than-expected 23 percent increase in profit in its first quarter, helped by strong athletic footwear sales and lower clearance inventory.
Toll Brothers (NYSE:TOL) fell 2.7 percent to $35.99 as the luxury home builder reported revenue below estimates with the number of homes sold falling 2 percent.
Reynolds American (NYSE:RAI) gained 2.6 percent to $77.35 after the tobacco producer won government approval to buy rival Lorillard.
In technology stocks, Workday (NYSE:WDAY) fell 11.5 percent to $81.87 after the software maker for human resource work forecast current-quarter billings below market expectations and reported a bigger quarterly net loss.
Brown Shoe (NYSE:BWS) added 2.2 percent to $30.82 as the company behind Famous Footwear, Dr. Scholl's, and Naturalizer reported latest quarter’s profit above estimates by 9 cents at 44 cents per share. Revenue also came in above consensus. The St. Louis, Missouri-based company said it was able to overcome the negative effects of a late start to spring as well as West Coast port delays. Brown Shoe also raised its full-year forecast.
Movado (NYSE:MOV) slumped 2.9 percent to $26.80 after the watch retailer reported adjusted quarterly profit of 25 cents per share, 1 cent below estimates. Movado said it was impacted by currency fluctuations but added it was able to overcome that as well as a weaker retail environment.
TiVo (NASDAQ:TIVO) jumped 3.2 percent to $10.70 after the digital video recorder maker reported better-than-expected quarterly revenue and profit, helped by higher subscriptions.
In other stocks, AbbVie (NYSE:ABBV) rose 2.1 percent to $67.50 after saying it would buy back $5 billion in shares from Morgan Stanley following the completion of its Pharmacyclics Inc. acquisition.