Stocks quoted in this article:
Tiffany & Co. (TIF - 62-5/8) sells jewelry, clocks, silver, china, and other luxury items through a network of 130 stores globally. The company's flagship store on New York City's Fifth Avenue amazingly generates around 15 percent of the firm's total sales. This morning, Standard & Poor's announced that the retailer will join the ranks of the S&P 500 Index (SPX - 1478.10), replacing Silicon Graphics (SGI - 7-7/8). This transition will occur after the close of trading on June 20. TIF is up more than 3.5 percent on the news, while SGI is trading seven percent in negative territory. TIF's rally has taken it above its descending 10-day and 20-day moving averages. The shares have not managed a close above these short-term trendlines since May 16. TIF is not a favorite of options players, as there are no strikes that boast open interest of more than 300 contracts.