« The Diamond Mouse That Roared! | Main | Diamonds and Ruby Trophy Ring: It's a Player! »
Diamond Engagement Rings On The Internet: Blue Nile & Tiffany.
CNBC reports that Merrill Lynch analyst Lorraine Maikis has cut her stock ratings for Tiffany and Co. and Blue Nile from "neutral" to "sell."
This revised rating comes amidst an unstable economic environment, where rising food and gas prices, the credit crunch and a weak housing market, and high Platinum and Gold prices are forcing consumers to cut back on big-ticket luxury items such as jewelry.
In addition to Maikis, Oppenheimer analyst Roxanne Meyer downgraded Tiffany from "outperform" to "perform," despite the fact that the company reported strong fourth-quarter financials and raised its 2008 earnings guidance.
Tiffany reported a 7 percent increase in same-store U.S. sales for fiscal year 2007, yet remains "cautious" on the U.S. market, according to the company's latest earnings report. Overall, the company's U.S. retail sales rose 4 percent in 2007, and Tiffany opened three new stores while closing one in Maui, Hawaii, in the fourth quarter.
TrackBack
TrackBack URL for this entry:
http://blogadmin.mysecureweb.net/mt-track-back.cgi/10665
