For awhile, during the recent stock turndown, it looked like Tiffany would suffer along with the rest of the market, not because of the credit crunch but because all consumers were nervous. And that is what happened. Tiffany dipped along with the rest of them. But that is over now, and Tiffany is racing back and headed for $60 or more.
Since Thursday, August 16, the stock has shot up well over 16% from its low, gaining almost 5% today when Goldman Sachs announced plans to buy Tiffany’s flagship store in Tokyo. But Goldman Sachs is not the only one at the party. The rich everywhere are on a tear – they were before the recent slump and they are now as well. First quarter sales jumped over 15%, driven by a like percentage sales increase in both domestic and international markets. This is a stock that’s charmed, serving the very wealthy and enjoying a safe haven from the woes of most.
If I were to sort all stocks today by their likelihood of doing well over the next six months, Tiffany would be one of my best picks. Regardless of the uncertainty everywhere, the filthy rich will not miss a beat, and it makes sense to buy what and where they buy.
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