Why Shares of Tiffany & Co. Dropped Today
Shares of jewelry retailer Tiffany & Co. (NYSE: TIF) slumped on Thursday after news broke that Qatar's sovereign wealth fund sold a large block of shares. The shares were reportedly priced near $94.40 per share, a bit below the closing price on Wednesday. The stock closed on Thursday down about 4.8%.
According to a statement provided to Bloomberg by Morgan Stanley, the bank that executed the trade, the Qatar Investment Authority, sold 4.4 million shares of Tiffany & Co. for approximately $417 million. A 9.5% stake in Tiffany & Co. is still held through subsidiary Qatar Holdings USA LLC, but the sale represents a significant downsizing.
Image source: Tiffany & Co.
Source: Fool.com
