Tuesday Morning Corporation (NASDAQ: TUES) is a closeout retailer of home items in the United States. With the stock down nearly 70% year-to-date, I'd bet that value investors are starting to do their due diligence on this company. I, too, have done my due diligence and I've come to a conclusion rather quickly: stay away, at least for the time being.

There's an old saying on Wall Street: don't try and catch a falling knife. This simply means don't try to buy a stock making new lows before it begins showing some strength. I've tried to catch a falling knife before in The Bon-Ton Stores, Inc. (NASDAQ: BONT) here and it ended up humbling me, to say the least. I think that Tuesday Morning is a falling knife and you, the investor, should avoid being the cutting board into which this knife stabs.

Tuesday Morning revised its outlook yesterday and it wasn't pretty. Before this cut, analysts and management were expecting roughly 85 cents per share in earnings for the year; however, management brought its expectations down to about 60 cents per share on greatly-reduced sales estimations.