Diamonds and Dogs
Maybe Trump isn't bad for Tiffany's (TIF). With Trump winning the election, customers were having a tough time getting to the Tiffany store on 5th Avenue, but today the stock is up 7% after better than expected quarterly numbers. Tiffany's beat earnings estimates by 9 cents while also beating revenue estimates. Gross margins of 61.0% in the third quarter and 61.4% in the year-to-date were higher than 60.2% and 59.7%, respectively, in the prior year. If Trump can get the economy going customers will have more money to spend at Tiffany's.
Woes continue for drug maker, Mallinckrodt (MNK). The drug maker is down 9%, the biggest loser in the S&P 500, not far from a 52 week low following earnings. The company actually beat sales and earnings estimates, but lowered guided going forward. During their conference call, management said the company's generic business continues to face significant challenges, with sales expected to drop at a double-digit rate next year.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.