We have known for quite some time that Europe was going to be a drag on business at Tiffany's bottomline. Why has management continued to sluff off their responsibility to turn things around. There are other markets beside Europe. Look to countries that have money. If they cannot get results, they need to find ones that do. Who are these people, and what are their credentials. 15 P/E - hardly appropriate with an earnings miss like this one. I am thinking 7.5 would be far more appropriate, because we should now only expect another dismal earnings report next quarter in the face of the European recession, stronger dollar, and overall poor outlook on global growth. And, if Tiffany's management cannot sell its goods, then this isn't anything more than a $20 to 25 stock going forward.