Diamond's Aren't Forever: Zales Stock Tanks After Weak November Sales

Weak November sales are most likely the catalyst for the mass selloff of Zales Corporation (ZLC) stock today.

Same store sales were down 18.6% for November compared with last year. Currently, the stock is down 22% to $3.89 a share.

Reuters: The Dallas-based chain, which is being investigated by the U.S. Securities and Exchange Commission over the accounting practices that led it to restate its 2008 and 2009 earnings , gave no update on those proceedings. However, it said it did not believe the probe “will have a material effect” on its financial results.

I guess diamond’s aren’t forever after all.

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