Tiffany Remains Firmly Negative After Initial Sell-Off

(RTTNews) - After gapping open sharply lower, shares of Tiffany & Co. (TIF) remain firmly in negative territory in late-day trading on Wednesday. Tiffany is currently down by 11.9 percent after hitting its lowest intraday level in almost a year.

The steep drop by Tiffany comes after the luxury retailer reported fiscal third quarter earnings that matched analyst estimates but weaker than expected sales.

Tiffany reported third quarter earnings of $0.77 per share on revenues of $1.01 billion, while analysts had expected earnings of $0.77 per share on revenues of $1.05 billion. The company also reported same-store sales growth below estimates.