The S&P 500 fell 7.23 points, or 0.51%, to 1,402.52.
Shares of Tiffany rose 6.51% to $73.15. The company reported fourth-quarter earnings of $178.4 million, or $1.39 a share, down from earlier earnings of $181.2 million, or $1.41 a share. Analysts, on average, anticipated earnings of $1.42 a share.
Tiffany's 2012 outlook includes a projected 10% increase in global sales led by the Asia/Pacific region and the Americas and between a 16% and 19% increase in earnings per share to a range of between $3.95 and $4.05.Tiffany has an estimated price-to-earnings ratio for next year of 16.38 times; the average for specialty retailers is 15.93. Thirteen of the 23 analysts who cover Tiffany rated it hold; 10 analysts gave the stock a buy rating. TheStreet Ratings gives Tiffany a B grade with a buy rating and a $79.64 price target. The stock has risen 10.32% year to date. -- Written by Alexandra Zendrian
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