High-end jewelry company Tiffany (NYSE:TIF) reported its third-quarter results Wednesday, and the market didn't like what it saw. Traders dumped the stock hard, leading to its worst day's slide in four years. Sales declines among Chinese consumers were the trouble, and given the size of that market -- and the prospects for further trade troubles between the Washington and Beijing -- pessimism kicked in.

In this segment of the Nov. 28 Market Foolery podcast, host Chris Hill and MFAM Funds' Bill Barker discuss the outlook for Tiffany, and whether the shares look tempting in the wake of the sell-off.

A full transcript follows the video.

This video was recorded on Nov. 28, 2018.

Chris Hill: Let's start with Tiffany. Help me to understand this. Third-quarter revenue for Tiffany was light; the same-store sales were lower than expected. I wasn't expecting that Tiffany's stock would have its worst day in nearly four years. This wasn't a good report, but is it, "Wow, this is the worst day in nearly four years" bad?

Bill Barker: No, it's not that bad. The reason for the weakness in the top line specifically was China. Whether it's tourists coming here or selling in China, if the Tiffany brand is not resonating either because of a perspective on the United States currently by Chinese consumers or something else, that is a big chunk of where you want your growth to be coming from in future years. I don't know if you start subtracting that from your growth equations or whether you just say this is a blip caused by current politics or what. But I think that's the question the market is asking by selling the stock off today.

Hill: This was not, as we've seen in some cases, a situation where Tiffany shares had been run up to some enormous degree. I'm wondering when you look at the stock now, do you see it as a value play? Is this a cheap stock right now? That always seems odd to say when you're talking about a company that's known for selling diamonds.

Barker: I don't know that I would call it a cheap stock right now. Then again, there are a lot of companies that I would say, even after a significant decline, are not cheap. At 22 times earnings, no, not really. It's doesn't have the sort of growth story that would make me especially interested in it at that price, especially if you've got questions about how things are going to play out with China, maybe not over the long term so much, but I don't have any good read on what's going to happen there over the next couple of years.

Bill Barker has no position in any of the stocks mentioned. Chris Hill has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.