Tiffany Tanks After Q2 Miss

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Tiffany & Co. TIF shares were trading lower by $2.40 at $82.68 in Thursday's session. The catalyst for the decline is a Q3 miss for EPS ($0.81 vs. $0.91 estimates) and for sales ($991 million vs. $1 billion). In addition, the company see VY net earnings down 2.5 percent year-over-year.

After a sharply lower open ($81.84 vs. Wednesday's close of $85.08), it found support just under Monday's low ($81.82), reaching $81.50. The ensuing rally found resistance at $85.24 before falling back to its current level.

The issue made its all-time high in November 2014 at $110.60 and has not traded below $80 since November 2013.

Posted In: TechnicalsIntraday UpdateMoversTrading Ideas
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