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Stock Market & Financial Investment News

News Breaks
November 26, 2013
11:34 EDTSIG, ZLC, TIFTiffany hits 52-week high after raising full year profit outlook
Shares of jeweler and specialty retailer Tiffany & Co. (TIF) are rallying after the company reported better than expected third quarter results and raised its fiscal 2014 profit outlook. WHAT'S NEW: This morning, Tiffany reported third quarter earnings per share of 73c and revenue of $911.5M, both of which beat analysts' consensus estimate. Same store sales increased 7%. WHAT’S NOTABLE: The company raised its fiscal 2014 EPS view to $3.65-$3.75 from $3.50-$3.60, versus consensus of $3.62. The forecast excluded 5c per diluted share of expenses tied to specific cost-reduction initiatives that were recorded in the first quarter. The company forecast full year worldwide net sales would increase by a mid-single-digit percentage in U.S. dollars, compared to consensus of $4.01B. ANALYST REACTION: In a note to investors this morning, research firm Sterne Agee raised its price target on Tiffany to $100 from $86 following the company's better than expected Q3 results. It kept a Buy rating on the stock. Another firm, Jefferies, said that although Tiffany’s fundamentals were improving, current valuation kept them on the sidelines. They maintained a Hold rating on the shares, though they raised their price target on the stock to $80 from $77. OTHERS TO WATCH: Other publicly-traded jewelers include Signet Jewlers (SIG) and Zale Corporation (ZLC). Notably, Signet also announced its third quarter results this morning, reporting EPS that matched the consensus forecast on revenue that was a bit ahead of the consensus expectation. Zale is scheduled to report its results after the closing bell today. PRICE ACTION: In late morning trading, Tiffany rose $6.35, or 7.84%, to $87.34 on more than twice its average daily trading volume. The stock hit a new 52-week high of $87.80 earlier in the session and is up over 52% since the start of the year. Meanwhile, shares of Signet were up fractionally to $76.74 following its report and Zale was up over 4% to $14.90.
News For TIF;ZLC;SIG From The Last 14 Days
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April 15, 2014
10:00 EDTTIFOn The Fly: Analyst Upgrade Summary
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08:47 EDTTIFTiffany China business poised to continue growth, says Sterne Agee
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08:19 EDTTIFTiffany upgraded to Overweight from Equal Weight at Stephens
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April 14, 2014
07:43 EDTSIGSignet Jewelers potential for further upside remains, says Brean Capital
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April 11, 2014
08:12 EDTTIFTiffany announces General Counsel to retire
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April 10, 2014
07:24 EDTSIGCitigroup to hold a conference
Diamond Days Conference is being held in New York on April 10.
April 9, 2014
09:20 EDTTIFBofA/Merrill's retail analysts hold an analyst/industry conference call
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