Tiffany's Earnings Plunge 76%

The market continues to look strong today. At noon, we’re up 319 points.

Lately, I’ve been discussing how some high-end retailers are doing poorly while some at the low-end are thriving. Today Tiffany (TIF) reported that its quarterly profits fell 76%. Clearly, dismal holiday sales hurt their bottom line. As bad as their earnings were, they actually beat expectations so the stock is doing well today. For now, I rate Tiffany a hold. I rate Wal-Mart (WMT), which caters to more budget-minded shoppers, a strong buy.

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