Tiffany's Sharply Lower After Mixed Q1 Report

Tiffany & Co. TIF shares are trading lower by $5.14 at $88.00 in Wednesday's session.

The catalyst for the decline is a mixed Q1 report that revealed an EPS beat of four cents, but came up shy on revenues by $13 million.

After a lower open, Tiffany's continued in that direction until it finally bottomed at $84.15 and reversed course. That marks the lowest level for the stock since February 17, when it bottomed at $83.02.

Since reaching that depressed level, it has continued to make new highs for the session, with the current one standing at $88.32 as of 10:50 a.m. EST. It still has a long way to go to fill the void in price and reach the lower end of Tuesday's session at $92.77.