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Coach shares plummet 15% on sales miss

July 31, 2012: 9:50 AM ET

Put me in Coach (COH)? Not today. Shares of the luxury handbag maker plunged 15% Tuesday morning after the company reported that sales missed forecasts. Of particular concern is the fact that Coach's CEO pointed to sluggishness in North America. Coach indicated that its rivals are more aggressively discounting merchandise and that Coach is likely to step up with price cuts too.

Is that bad news for other luxury retailers? Perhaps. Shares of Tiffany (TIF) and Saks (SKS) were both lower in early trading. But Nordstrom's (JWN) stock was flat.  For more, check out today's Buzz video below.

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Paul Lamonica
Paul R. La Monica
Assistant Managing Editor, CNNMoney

Paul R. La Monica is an assistant managing editor at CNNMoney. He is the author of the site's daily column, The Buzz, and also tweets throughout the day about the markets and economy @LaMonicaBuzz. La Monica also oversees the site's economic, markets and technology coverage.

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