Shares of Tiffany & Co. (TIF) rallied to close higher on Tuesday despite a weaker than expected third quarter earnings report, making it TheStreet's Move of the Day. Tiffany's reported third quarter profit that fell a penny short of the consensus estimate. Worldwide net sales rose 5% from a year ago, but missed analysts’ expectations for the period. Investors seemed to be more focused on the jeweler's long-term picture rather than its short-term financial figures that were weaker than expected. Performance was strong in the Americas as well as in Europe, but the Asia Pacific region disappointed. Moving forward, investors are optimistic as the slowdown in Asia seems to be due to economic weakness and other external conditions, while sales in the Americas remain strong. The company is also delivering expanding profit margin for investors, showing its competitive edge.
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