The S&P 500 fell 4.23 points, or 0.3%, to close at 1,405.52.
Shares of Tiffany rose 6.68% to $73.27 on about eight times the stock's average daily trading volume of 1.9 million shares. 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 a profit 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 shares trade at an estimated price-to-earnings ratio for next year of 16.18X; the average for specialty retailers is 16.1X. Thirteen of the 23 analysts who cover Tiffany rate it at hold; 10 analysts give 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 10.58% year to date.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV