NEW YORK, NY / ACCESSWIRE / November 29, 2018 / Shares of Tiffany & Co. were plummeting after reporting third quarter financial results but Amazon.com was seeing big gains on several encouraging developments and that the company broke records this past holiday shopping weekend.
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Amazon.com,Inc.
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Tiffany & Co.
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Amazon.com, Inc. shares closed up 6.09% on nearly 8.5 million shares traded. The e-commerce giant announced this week that Cyber Monday was the single biggest shopping day in the company's history. The company also saw records broken in the 5-day Thanksgiving shopping holiday weekend. "Black Friday and Cyber Monday continue to break records on Amazon year over year, which tells us that customers love shopping for deals to kick off the holiday shopping season,” said Jeff Wilke, CEO Worldwide Consumer. “With curated gift guides, convenient shopping experiences, incredible product selection, and free shipping with no minimum purchase amount, Amazon offers customers tremendous value–sure to deliver smiles all season long.” Separately the company's AWS division launched Amazon Forecast yesterday, a new pre-built machine learning tool that will make it easier for developers to generate predictions based on time-series data.
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Tiffany & Co. shares closed down nearly 12% on Wednesday with about 10.2 million shares traded. It was disappointing third quarter results sending the well-known jewelry company down yesterday. For the third quarter, world-wide sales growth was just 4% compared to double digit growth in the previous two quarters. Same-store sales at 2% were also lower than the 4.9% expected by analysts in a Consensus Metrix poll. "It is worth noting that our sales attributed to local customers continued to grow at a strong rate worldwide and were positive in every region," said CEO Alessandro Bogliolo. "This resulted in mid-single-digit net sales growth in the quarter despite lower-than-expected spending attributed to Chinese tourists in the U.S. and Hong Kong and lower wholesale travel-retail sales in Korea," he added. Despite this, CFRA analyst Camilla Yanushevsky reiterated a "buy" rating on the stock and a $124 price target. She remarked, "Long term, we are encouraged by progress CEO Alessandro Bogliolo has made to rebrand [Tiffany] to resonate with millennials."
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SOURCE: The Market Edge