Tiffany & Co.'s third-quarter results miss Wall Street estimates as jewelry company cuts 2012 outlook

Tiffany & Co.'s third-quarter net income fell 30 percent, stung by a higher-than-expected tax rate, ongoing economic weakness and high precious metal and diamond costs.

The jewelry company's results missed Wall Street's expectations and it cut its full-year earnings forecast.

Shares dropped $5.58, or 8.7 percent, to $58.15 in premarket trading Thursday.

For the period ended Oct. 31, the company known for its blue boxes earned $63.2 million, or 49 cents per share. That's down from $89.7 million, or 70 cents per share, a year earlier.

Analysts polled by FactSet forecast earnings of 63 cents per share.

Chairman and CEO Michael J. Kowalski said in a statement that Tiffany had expected its quarterly results would be affected by ongoing economic softness and tough year-ago comparisons. But he added that the retailer's gross margin rate of 54.4 percent — down from 57.9 percent in the prior-year period — was weaker than expected and its tax rate was higher than expected. Gross margin, a key performance metric, is the amount of each dollar in revenue a company actually keeps.

While cautious about worldwide economic conditions, Kowalski said that the company anticipates results improving during the holiday season partly because of easier year-over-year sales comparisons but also because of new stores and new products.

The holiday season is critical for retailers, as it can make up to 40 percent of stores' annual revenue.

Revenue increased 4 percent to $852.7 million from $821.8 million. Wall Street expected $858.8 million.

Sales rose 6 percent in Europe and 3 percent in the Americas region. Asia-Pacific sales climbed 2 percent, while Japan sales rose slightly. Tiffany said that its other sales jumped 73 percent as it converted five stores in the United Arab Emirates from independently-run distribution to company-run stores.

Tiffany now expects 2012 earnings of $3.20 to $3.40 per share. Its prior outlook was for earnings of $3.55 to $3.70 per share.

Analysts predict earnings of $3.59 per share.

Tiffany had 272 stores at quarter's end.

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City National Bank of Florida and its Spanish parent have four years to evaluate the Miami bank’s future ownership

City National Bank of Florida, the Miami bank purchased by Bankia (formerly Caja Madrid) of Spain in November 2008, said Wednesday that its parent has a “four-year window to evaluate alternatives” for the bank’s future ownership and will work closely with management in Miami during the process.

The Spanish government has reached and agreement with the European Union related to Spain’s financial system problems, which will result in a recapitalization of Bankia and other institutions, the bank said. The agreement calls for Bankia to sell non-core assets and its holdings outside of Spain so that Bankia will emerge with a solid capital position and be more focused on its core domestic business.

“Because City National Bank is so well capitalized, profitable and well positioned in the marketplace, we are going to take our time to fully evaluate all of our strategic alternatives,” City National Bank President and CEO Jorge Gonzalez said in a statement. “This does not impact our ongoing strategy of profitable growth and diversification or our commitment to the markets we serve. Our focus continues to be taking excellent care of our clients and employees. ”

City National, founded 65 years ago, has $4.32 billion in assets and 26 branches from Miami-Dade County to the greater Orlando area.

INA PAIVA CORDLE

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Group to begin reviewing Miami-Dade’s elections practices

A group tasked with making recommendations to improve Miami-Dade elections will begin meeting Tuesday morning, three weeks after Election Day was marked by long lines and a surge of absentee ballots that took several days to count.

County Mayor Carlos Gimenez convened the advisory group to examine state and local elections laws and practices, and suggest changes. The first meeting is expected to feature an overview of legal issues, an outline of the county’s approach to elections and a tour of Miami-Dade’s elections headquarters.

The elections department has not yet submitted its “after-action report,” a post-mortem detailing how things went during the election.

The group will meet at 9 a.m. Tuesday at the county’s Doral elections department, 2700 NW 87th Ave. The meeting is open to the public.

In addition to Gimenez, the group includes 13 members he appointed. Among them are four county commissioners: Lynda Bell, Sally Heyman, Dennis Moss and Rebeca Sosa.

The other members are: Alice Ancona of the Greater Miami Chamber of Commerce; the Rev. Victor Curry, president of the Miami-Dade chapter of the NAACP; Miami Gardens Mayor Oliver Gilbert; former County Attorney Murray Greenberg; Lovette McGill, an activist who has been involved with African-American trade unionists; Gepsie Metellus, executive director of Sant La, a Little Haiti-based social services agency; C.J. Ortuño, executive director of the gay-rights advocacy group SAVE Dade; and elections attorneys Kendall Coffey and Robert Fernandez, who represented Gimenez and newly elected Property Appraiser Carlos Lopez-Cantera in recent elections challenges.

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'Dancing with the Stars' Finals: Melissa Rycroft and Tony Dovolani Win All-Stars Season

Dancing with the Stars rounded off its firsts on Tuesday night by announcing a first-time winner in the first all-female finals in the show's first All-Stars season. After being showered in confetti on the stage for their victory, Melissa Rycroft and Tony Dovolani gleamed as bright as the Mirrorball Trophies they held in their hands after the show.

"When it was just down to the two of us, we were going, 'O.K., [if we finish] second place, we've already topped what we did Season 8; [we] can't be disappointed' and then you heard Tom (Bergeron, host) say our names and it was just like this moment of 'Did this just happen? Did we just beat the powerhouse Olympian right here?' It is unbelievable," Rycroft said as her partner looked on with a wide smile.

PICS: Complete List: 'Dancing with the Stars' Winners

Early frontrunner in the competition Shawn Johnson was expected to win her second Mirrorball Trophy despite ranking lowest amongst the three finalists after the last round of judged dances on Monday. Although she strived to add another Mirrorball to her trophy case, Johnson said she nevertheless enjoyed the experience, as did her partner, Derek Hough.

"I feel great. I think we both feel great," she said after becoming this season's runner-up. "We put everything out on the dance floor. Even though you don't get the Mirrorball Trophy, you still have the biggest reward of seeing everybody on their feet and feeling the pride you have for putting everything out there."

VIDEO: Melissa Rycroft Exposes Her 'DWTS' Tango Trick

While neither Johnson nor fellow finalist Kelly Monaco seemed fazed to have missed out on their second Dancing victory, Rycroft and Dovolani both won their first Mirrorballs on Tuesday. Hough, who has thrice won the show in his eleven seasons, was happy for his fellow professional dancer to finally win his first after fourteen seasons.

"He's been here from...Season 2, and he's had some difficult seasons to say the least," he said. "For him to come out on top--honestly, when we were the last two up there, I had zero nerves. It was unusual; I was like, 'Wait, why am I not nervous at all?' [It was] because if we won it would be incredible, but if they won it would be just as incredible for us because we know how much it means to them."

VIDEO: Johnson Praises 'DWTS' for Changing Her Life

Although Johnson, Hough, and Monaco all had the comfort of a previous Mirrorball Trophy to ease the sting of defeat, Monaco's partner Val Chmerkovskiy has yet to win a trophy in his three seasons on the show. Above all, Chmerkovskiy was excited to witness his close friend Dovolani win his first.

"Everything happens for a reason and I just felt lucky that there was justice tonight. I feel like, personally, I got what time has given me and Tony got what he deserved," he said, content to finish third after finishing tenth last season. "Everything's about timing, and there's nothing more perfect than that for Tony, especially at this time."

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Getco makes $3.50 per share bid for Knight Capital

Getco is making a cash-and-stock bid for troubled trading firm Knight Capital that it values at $3.50 per share.

In a letter to City, NJ-based Knight Capital, Getco Holding Co. says the acquisition would involve a two-step process in which 242 million new shares would be issued, followed by a tender offer for an additional 154 million shares.

Getco already owns about 31 percent of Knight's outstanding shares.

Knight suffered a trading glitch in August that sent markets reeling and cost the company more than $460 million.

Getco, in a regulatory filing said that CEO Daniel Coleman would lead the new company, and Knight CEO Tom Joyce would become non-executive chairman.

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Gift ideas for the techie on your list

The holidays are coming fast, and if you’re like me, you’ve probably gotten very little of your gift shopping done.

Here are suggestions for a variety of gifts for the techie and the not-so-techie people on your list.

Some of these items can be found in stores and some are only available online, but you should be able to order them in time for Christmas or Hanukkah.

IOMEGA EZ MEDIA & BACKUP CENTER

What is it? A hard drive that lives on your home network so you can share files, store all your photos and music and back up your home computers. Works on Macintosh, Windows and Linux computers.

The EZ Media & Backup Center is available in 1-, 2- and 3-terabyte capacities. It is simple to set up. It lives next to your home router and plugs into the network via Ethernet.

Major features include a built-in iTunes server so your music is available to all connected computers, Time Machine support for easy Macintosh backups and Iomega’s Personal Cloud to access your data from any Internet connection.

It can also stream your video files to your TV if you’ve got a compatible streaming box or an Internet-connected TV.

Software for backing up Windows PCs is also included.

Who’s it for? Any family that wants central storage for their digital lives. This is a great home for your digital photo, music or video library.

What does it cost? One terabyte for $169.99, two terabytes for $209.99, three terabytes for $279.99.

Where can you get it? Online at www.iomega.com, Amazon, Best Buy, Apple store, Fry’s.

NETATMO URBAN WEATHER STATION

What is it? A wireless indoor/outdoor weather station that displays through an application on your Apple or Android mobile device.

There are two parts, one that lives in your house and one you place outside.

The indoor component plugs into the wall and monitors the temperature, humidity, barometric pressure, carbon dioxide level and even the sound level in decibels.

The outdoor module is battery-powered and measures temperature and humidity.

Once you connect the Netatmo to your home Wi-Fi network, you can download the free app and see your weather stats from anywhere.

Setup was easy enough, and you can set the app to notify you when carbon dioxide rises to levels that you should be warned about — which is great.

Who’s it for? Weather geeks and people who like to know what the temperature is without having to fire up a browser.

What does it cost? $179

Where can you get it? www.netatmo.com

3M LED ADVANCED LIGHT

What is it? 3M’s first foray into the home light bulb market is with the LED Advanced Light, which uses light-emitting diodes (LED) to produce 800 lumens (the light of a 60-watt bulb).

The Advanced Light has a life span of 25 years and costs just $1.63 per year if it’s turned on for three hours per day.

The bulb lights instantly and is dimmable.

It’s a little intimidating to start buying light bulbs that might outlive me, but my wallet approves.

Who’s it for? Anyone who wants to save money or wants a bulb that might not have to be changed until 2035.

What does it cost? $25

Where can you get it? Select Wal-Mart stores. For more information, go to www.3mlighting.com/LED.

STEM IZON 2.0 WI-FI VIDEO MONITOR

What is it? A small, wireless video camera that you can monitor remotely with an iOS device.

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Three people wounded in drive-by shooting in Miami Gardens

An apparent drive-by shooting late Monday night in Miami Gardens has left three people in the hospital and neighbors wondering whether the wrong house was targeted.

The shooting happened in the 20800 block of Northwest 30th Court. Air rescue took the victims, two men and a woman, to Jackson Memorial Hospital, where at least one remains in serious condition.

Neighbors said three people were outside a house when bullets started flying from a passing car. Three people in the group were hit.

According to Miami Gardens police, the shooting happened around 11 Monday night.

“An unknown individual driving eastbound on Northwest 208 Terrace fired several shots from their vehicle striking a male in the leg and a female in the arm,” said Sgt. Bill Bamford, a police spokesman.

Police do not have a description of the car, except that it has tinted windows, Bamford said.

Audrey Roberts, 73, said his 37-year-old son was wounded in the shooting. He said his son and friends often spend time outside talking near the garage.

“They don’t know” who did the shooting, Roberts said.

He said he heard “a lot of shots,” possibly from more than one gun. “Pop-pop-pop-pop-pop.”

On Tuesday morning, he pointed to a home garage door pocked with bullet holes.

Miami Herald photojournalist Walter Michot and Miami Herald staff writer Nadege Green contributed to this report. This article will be updated as more information becomes available.

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Card firms’ block on WikiLeaks did not break rules: EU

BRUSSELS (Reuters) – A block on processing donations for WikiLeaks by Visa Europe and other credit card companies is unlikely to have violated EU anti-trust rules, the European Commission said on Tuesday.

DataCell, a company that collected donations for WikiLeaks, complained to the Commission about Visa Europe, MasterCard Europe and American Express Co after they stopped processing donations for WikiLeaks in December 2010. Their decisions followed criticism by the United States of WikiLeaks’ release of thousands of sensitive U.S. diplomatic cables.

“On the basis of the information available, the Commission considers that the complaint does not merit further investigation because it is unlikely that any infringement of EU competition rules could be established,” said a spokesman for the Commission, the EU executive.

He added, however, that the Commission would look at new information from DataCell before taking a final decision.

WikiLeaks founder Julian Assange has been staying in Ecuador’s embassy in central London since June to avoid extradition to Sweden to face rape and sexual assault allegations.

Assange said there were no lawful grounds for the card companies’ actions, which he said had cost Wikileaks 95 percent of its revenue and threatened his organization’s existence.

(Reporting by Foo Yun Chee and Adrian Croft; Editing by Louise Heavens)

Internet News Headlines – Yahoo! News

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Golden Globes Flashback: Joaquin Phoenix 2006

It's no secret that Joaquin Phoenix isn't fond of awards shows. He's made that clear throughout his acting career and recently reiterated his dislike and discomfort with awards shows. Nonetheless, when he won an award in 2006 for Walk the Line, he was all smiles.

"Pitting people against each other . . . It's the stupidest thing in the whole world. It was one of the most uncomfortable periods of my life when 'Walk the Line' was going through all the awards stuff and all that," he said in a recent interview, but this flashback displays a different perspective.

VIDEO: Video: Joaquin Phoenix Apologizes to David Letterman

"No, it's alright," he says when directly asked if he finds the awards process uncomfortable. "It's not that bad. It's really surreal, you know what I mean? It's wild, but honestly I think this means more to me than I think I imagined."

Although Phoenix seems slightly agitated by some of the questions that he is delivered in the pressroom, including "What do you think that Johnny [Cash] would say to you right now if he could," he is primarily smiles and laughs as he soaks in his first Golden Globe.

VIDEO: Globes Flashback '01: McConaughey Brings J.Lo

The overwhelming pleasant experience of winning his first major award may have rendered him delirious and now unable to recall the joyful experience, as Phoenix often flashes amazed looks at his award in between questions from the press.

Phoenix has not won another major award since then. If he has the (mis)fortune of winning another award, we wonder if he'll walk the lines he speaks.

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Wintry mix hits city

Crews have treated the highways and plows are standing at the ready across the tristate for another November snowstorm.

A storm system is moving up from the Tennessee Valley region. Snow started falling at daybreak and will likely cause some problems for the morning commute.

The National Weather Service issued a winter weather advisory for some portions of the region.

The storm system will pass to the south during Tuesday. This will bring snow and rain to the area with more of the snow occurring over the colder northern and western suburbs.

New York City could get up to 1 inch; 1 to 2 inches could accumulate in the nearby suburbs, and 2 to 4 inches could fall on the northern and western suburbs.

To read more, go to MyFoxNY.com.

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