Top gainers on May 23
The S&P 500’s top gainers on May 23 were:
Tiffany & Co.
Tiffany & Co., which is an American luxury jewelry and specialty retailer, was the S&P 500’s top performer on May 23. After consolidating for three weeks, Tiffany & Co. started this week on a weaker note and declined in the first two trading days of the week. However, the company opened higher on May 23 amid the improved sentiment and surged to record high price levels.
Fiscal first-quarter earnings report
The buying pressure in Tiffany & Co. increased on Wednesday following the release of the company’s stronger-than-expected fiscal first-quarter earnings report. According to management, the EPS (earnings per share) in the first quarter was $1.14, which is better than the expected reading of $0.83 per share. The EPS grew 54% compared to the EPS reported in the first quarter of 2017. The revenues reported in the first quarter were $1.03 billion—better than analysts’ expected revenues of $958.17 million and a YoY increase of 14.5%. The upbeat results were released before the market opened on Wednesday and helped the market open higher.
The EPS outlook for fiscal 2018 was $4.5–$4.7, which is better than analysts’ estimate of $4.4. Analysts upgraded the target prices following the release of the company’s strong first-quarter earnings and upbeat outlook.
- Jefferies raised the target price from $125 to $130.
- Cowen and Company raised the target price from $110 to $140.
- Credit Suisse raised the target price from $120 to $142.
- Keybanc raised the target price from $120 to $140.
On May 23, Tiffany & Co. gained 23.3% and closed the day at $126.05. Tiffany & Co. is part of the S&P 500 Consumer Discretionary sector, which gained 0.76% on Wednesday.
Next, we’ll discuss how the S&P 500’s top losses performed on May 23.