Tiffany & Co.’s shares soar amid management shakeup rumors

Tiffany & Co. is rising high and shining bright like a diamond this week amid management changes and rumors.

Shares of the luxury jewelry purveyor closed up 3.3 percent, to $72.66, on Thursday. The stock has climbed nearly 10 percent since Monday on heavier-than-usual volume.

It has been a mixed year for the jewelry shops. Although the company has maintained its full-year forecast, last month it reported that sales were down 7 percent through the first half of the year.

The stock’s recent ascent began when Tiffany announced on Tuesday that Mark Erceg joined the company as its new chief financial officer. Erceg had been CFO of Canadian Pacific Railway.

Erceg’s appointment sparked rumors that Bill Ackman’s Pershing Square may take a stake in Tiffany. Ackman served on Canadian Pacific’s board until he resigned last week.