Tiffany sells off ahead of tomorrow's earnings announcement

Posted Nov 29th 2007 6:46PM by Eliza Popescu
Filed under: Before the Bell, Earnings Reports, Forecasts, Tiffany and Co (TIF)

Shares of Tiffany and Co. (NYSE: TIF) fell nearly 3% today as traders prepared for tomorrow's third quarter earnings release. The company is scheduled to report its recent quarterly numbers tomorrow morning before the opening bell.

When the company announces its earnings, analysts are expecting to see earnings of 25 cents per share. The last time that the company reported was back on August 30 when it reported 45 cents a share for its second quarter, easily beating analyst estimates of 34 cents.

One analyst, David Schick from Stifel Nicolaus & Co., told investors in a research note that he expected a good quarter from Tiffany's. He cited the currently weak dollar as the main reason, stating that the weak dollar should result in strong U.S. sales of new products, and foreign tourism. Schick currently has a "buy" rating on the stock.

Schick is not the only analyst that is expecting a good quarter from the company. Barbara Wyckoff, from Buckingham Research Group, is expecting to see the company post same-store sales growth in the range of eight to eleven percent. For the full year, Tiffany's has stated that it expects to see sales growth of 14%.

The stock closed today's session at $48.75, down 2.9% or $1.48.

Be sure to check back in the morning for results and market reaction.

[photo: tommyjwall]

Eliza Popescu is a financial writer for the online investment advisory service Investor's Observer.

Tags: analyst estimates, AnalystEstimates, David Schick, DavidSchick, earnings, forecasts, TIF, Tiffany