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Updated from 10:10 AM EDT.

NEW YORK (TheStreet) -- Shares of Tiffany & Co. (TIF) - Get Tiffany & Co. Reportwere spiking 7.8% to $74.24 in mid-afternoon trading on Thursday after the luxury jewelry company reported better-than-expected earnings for the 2016 second quarter.

"They didn't guide down. I'm so used to them guiding down," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning, referring to Tiffany cutting its forecast in previous quarters.

"I read it, I said where's the guide down? Where's the one about how we're going to do poorly in the future?" Cramer wondered.

He also added that the company maintained its full-year outlook.

"Oh my god is this Tiffany and they didn't cut?" Cramer said, "Relative for Tiffany, a good quarter."

No change to guidance for Tiffany is a "win", Cramer contended.

Additionally, fellow jewelry retailer Signet Jewelers (SIG) posted weaker results than analysts had expected for the 2017 fiscal second quarter this morning.

"The first thing out of the CEO's mouth in the quarter was that he is 'disappointed' with the numbers" Cramer noted, "They should be (disappointed)."

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Cramer mentioned that same-store sales were down 2.3% during the period, while many analysts were expecting positive comps.

He noted that the company is a credit company, which gives customers credit to buy its jewelry. The model is being called into question, according to Cramer.

Signet was "tough on themselves. But it doesn't really matter because wow that was bad. Big miss," Cramer concluded.

Shares of Signet were tumbling 13.2% to $82.89 this afternoon.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on Tiffany stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins.

But the team also finds weaknesses including deteriorating net income, weak operating cash flow and disappointing return on equity.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: TIF

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