Liz Claiborne Inc. (NYSE:LIZ) closed the day down 12.99% to $8.64. Trading nearly five times its average volume LIZ started the day with a gap down and never recovered throughout the trading day. The company announced that the CFO was leaving and cut their 2012 outlook. This was all the traders needed on the street to send the stock reeling. LIZ also announced they were changing their name to Fifth and Pacific Co. Company execs said this was being done to better reflect the company’s diverse brand holdings. Sign Up For Our Free Weekly Newsletter

Health Management Associates, Inc. (NYSE:HMA) ended the day off more than 13% to $6.05. Volume on the stock was brisk with over 65 million shares changing hands. The stock opened with a severe gap down and managed to pare losses throughout the day. Currently the stock is up slightly in after-hours trading. News was released that the company’s general counsel had resigned and analysts were becoming increasingly worried about a lawsuit over medicare billing.

Tiffany & Co. (NYSE:TIF) gapped sharply lower today and finished the day down 10.46% to $59.93. Volume on the sell-off was sustained with over 15 million shares traded. The company was sent lower by news that TIF had cut its full year forecast.

hhgregg Inc. (NYSE:HGG) finished the day down 15.61% to $11.08. With 2.48 million shares changing hands the stock eclipsed its average volume by a factor of 5. The appliance and electronics retailer cut its fiscal year outlook and sees a weak Q3. The company blamed fierce promotional campaigns and competition from dropping margins.