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Tiffany's Dazzles as Jewelry Price Tag Hike Boosts Profits

Shares of Tiffany's soared on Wednesday making it TheStreet's Move of the Day. The luxury jewelry retailer known for its signature blue box surged to an all-time high of $97.40 a share after announcing first-quarter profits and revenue easily exceeded Wall Street expectations, due in part to the bold decision to increase the price of its products. CEO Michael Kowalski said in the earnings statement: "This is an excellent and encouraging start to the year. We were pleased with the strong and broad-based sales growth across most regions and product categories and our ability to leverage those improved sales into very significant growth in operating and net earnings."