Constellation Brands, Inc.(NYSE:STZ) shares gained 4.26% to $36.20 in the morning hour after the company reported a second quarter profit of $124.6 million, or $0.67 a Class A share, down from $162.7 million, or $0.76 a share in the year ago period. The company's provisions for income taxes rose to $21.9 million from $3.9 million. Net sales improved 1.2% to $698.5 million. Gross margin narrowed to 40.8% from 41%.
Talisman Energy Inc. (USA)(NYSE:TLM) stock dropped 2.23% to $13.14 after the company warned safety authorities in a July letter seen by Reuters yesterday that the evacuated Yme North Sea oil platform is at risk of collapse this winter. The company said in the letter to the Norway's Petroleum Safety Authority dated July 26, written several weeks after the platform was evacuation that repairs were needed to avert such a risk.
Cache, Inc.(NASDAQ:CACH) shares declined 14.16% to $2.79 in the morning hour after the company announced that it now expects third-quarter of 2012 net loss to be in the range of $0.39 to $0.41 per share, compared to prior outlook of loss $0.22 to $0.25 per share. The company had reported its net loss per share was $0.14 in the third quarter of fiscal 2011. Net sales for the third quarter of fiscal 2012 are expected to be approximately $45.8 million, a decline of approximately $2.9 million from net sales of $48.7 million in the third quarter of fiscal 2011. Analysts expect the company to report a loss of $0.24 per share on revenues of $49.25 million for the third-quarter.
Avenue Income Credit Strategies Fund(NYSE:ACP) stock fell 0.50% to $17.91. The company, last month, announced that its Board of Trustees (the "Board") approved the appointment of Mr. Jeffrey J. Gary as the new Portfolio Manager of the Fund, effective on or about November 23, 2012. Mr. Gary, a Senior Portfolio Manager of Avenue Capital Management II, L.P., the Fund's investment adviser, will be primarily responsible for the day-to-day management of the Fund's assets.
Baidu.com, Inc. (ADR)(NASDAQ:BIDU) stock gained 1.49% to $114.89. Jefferies Group downgraded shares of Baidu.com from a buy rating to a hold rating in a research note released this week. They currently have $125.00 price target on the stock, down from their previous price target of $135.00. Separately, analysts at Raymond James downgraded shares of Baidu.com from a strong-buy rating to an outperform rating.