Signet Jewelers Limited (NYSE: SIG)
Signet Jewelers, the parent company of Kay Jewelers, was having a relatively normal day in the market today. In fact, the stock was in the green. However, minutes ago, the stock started to fall amid accusations that Kay Jewelers was swapping out real diamonds for fake diamonds. Today, we’ll talk about what we’re seeing from the stock, why, and what we will be watching for with regard to SIG ahead.
What We’re Seeing From SIG
As mentioned above, Signet Jewelers was off to a normal start in the market today. For the most part, the stock was in the green all day. However, minutes ago, that all changed as the stock started to tank. At the moment, SIG is trading at $89.27 per share after a loss of $3.17 per share (3.43%) in just minutes.
Why The Stock Is Falling
As soon as the CNA Finance team noticed that SIG was taking a dive, we started looking to see what we could find as the cause. It didn’t take long to dig the story up. At the moment, the stock is falling as a result of a report from ABC Local News.
According to the news report, Kay Jewelers is replacing real diamonds with fake ones. If this is the case, it could be a massive negative for the brand, affecting Signet negatively for some time. As a result, investors are selling their SIG shares like they have caught on fire.
What We’ll Be Watching Moving Forward
As you could imagine, this report could be incredibly bad for SIG, causing massive declines. However, there has been no confirmation of these practices yet. Nonetheless, we can expect to see an investigation and heavy movement on the stock as a result. We’ll watch the story closely and bring the news to you as it breaks!
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[Image Courtesy of Wikipedia]