Profit plunges at Tiffany

A difficult quarter for Tiffany. Profit at the luxury jeweler plunged 17% and widely missed analysts' targets. Sales were flat and also fell short of estimates.

Hurting its results: lower spending by foreign tourists. Sales in Hong Kong plummeted by nearly half amid street protests that disrupted business in that city and scared away visitors. Sales also slid in the Americas. That offset double-digit growth in mainland China.

Millennials have bypassed Tiffany in favor of lower-priced competitors like Pandora. Tiffany has been struggling as it tries to lure them by offering more affordable pendants and earrings.

The iconic jeweler known for its blue boxes could get a lift from LVMH. The French luxury good maker has agreed to buy Tiffany for roughly $16 billion.