Luxury jewelry retailer Tiffany? & Co. posted first quarter earnings that substantially beat? analysts' estimates. Operational earnings? "more than doubled to 48 cents a? share" while analysts expected the company to make only 37 cents a share.? Tiffany's stock price moved 7.5 percent higher on the news.
The largest category of sales increase was for items priced above? US$50,000, primarily engagement and celebration rings.? However, overall sales were robust with U.S. stores posting a 13 percent increase over the previous year. Tiffany now expects to earnings per share to fall between? US$2.55 and? $2.60 for the year. A previous consensus forecast from 20 analysts expected the company to post earnings of? US$2.50 per share.
Multiple Choice Questions
When markets react instantaneously to the release of new information it is a sign of? __________ .
A. market segregation
B. illegal trading
C. market efficiency
D. none of the above