Tiffany & Co (TIF) Shares Jump 7.5% On Earnings And Guidance

Shares of Tiffany & Co TIF closed Thursday trading up 7.5% at $46.86 per share. Volume of 7.6 million shares was nearly three and a half times the daily average volume of 2.2 million shares. Shares of Tiffany & Co had a trading range of $45.54 to $47.40 per share. Earlier on Thursday morning, Tiffany & Co released financial results that easily beat Wall Street expectations, when it reported that its 1st quarter net earnings more than doubled to $64.4 million, or 50 cents per share, on sales of $633.6 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 37 cents per share. Tiffany & Co also announced that it expected full-year 2010 net earnings from continuing operations to be in the range of $2.55 to $2.60 per share, on a sales increase of 11%.