Tiffany Losing Shine Following Lowered Guidance

Shares of Tiffany and Co.

are under pressure this morning following lowered guidance from the company due to less than stellar holiday sales. Tiffany sales for November and December dropped 1 percent compared to a year earlier, with the strong dollar accounting for a majority of that loss. Tiffany said it now expects net earnings for the year to be between $4.15-$4.20 per diluted share, compared to its previous forecast of $4.20-$4.30. Shares of TIF were last quote at 92.65, down 10.82 percent.