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Movers: Dell, J.Crew, Tiffany, Marvell Technology, Harris

Friday's stocks in the news

From Standard & Poor's Equity ResearchDell (DELL) posts $0.38, vs. $0.34 a year ago, first quarter EPS on 9% revenue rise. The PC maker says results were driven by better-than-industry growth of commercial and consumer products and services, and lower operating expense as a percent of revenue. Street was looking for $0.34. S&P raises estimates, target; maintains buy. Merrill reportedly upgrades to buy from neutral.

Marvell Technology Group Ltd. (MRVL) posts $0.24, vs. $0.05, first quarter non-GAAP EPS on 27% revenue rise. Oppenheimer upgrades to outperform from perform. JP Morgan reportedly upgrades to overweight from neutral.

J.Crew Group (JCG) is down 9.10 to 37.81 after the retailer posts $0.48, vs. $0.39, first quarter EPS on 14% higher same-store sales, 15% higher total sales. Sees $0.31-$0.33 second quarter EPS, $1.70-$1.75 fiscal year 2009 (vs. prior guidance of $1.85-$1.87) on same-store sales growth in the range of flat to low single-digits. Citigroup downgrades to sell from hold.

Tiffany & Co. (TIF) posts $0.50, vs. $0.39, first quarter EPS on 3% same-store sales rise, 8% total sales rise (on constant exchange rate basis). It sees worldwide net sales growth of about 10% in 2008, now sees EPS of $2.80-$2.90.

CIT Group (CIT) says, in response to Moody's Investor Services downgrade of CIT's senior unsecured rating to Baa1 from A3, that it disagrees with the ratings actions, particularly in light of the significant progress it has made to strengthen its balance sheet, improve liquidity and position co. for long-term success and profitability.

Reuters reports that United Airlines, the operating unit of UAL Corp. (UAUA), and US Airways Group (LCC) have suspended merger talks due to concerns about labor opposition and integration costs, while United draws closer to an alliance with Continental Airlines (CAL), a source close to the talks said late on Thursday.

WSJ reports that Harris Corp. (HRS) began fielding expressions of interest from potential buyers this week, with preliminary bids for the electronics and defense company arriving in the low $70-per-share range, or about $10 billion, according to people familiar with the matter. The article noted that the preliminary bids were less than the $75-$80-per-share range the company's board hopes to fetch, the people said.

Sigma Designs (SIGM) posts lower-than-expected $0.40, vs. $0.32, first quarter non-GAAP EPS on 58% revenue rise. Street was looking for $0.42. Sequentially, revenue fell 26%. RBC Capital downgrades to sector perform from outperform.

Omnivision Technologies (OVTI) posts lower-than-expected $0.27, vs. $0.06, fourth quarter non-GAAP EPS on 42% revenue rise. Street was looking for $0.32. Sees first quarter revenue of $170-$190 million and non-GAAP EPS of $0.27-$0.40.

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