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Stock Market & Financial Investment News

News Breaks
May 28, 2014
08:26 EDTKATEKate Spade discloses departure of Robert Vill, SVP-Finance
Kate Spade & Company disclosed in a regulatory filing the departure of Robert Vill, Senior Vice President Finance and Treasurer, effective May 30. His separation is without cause due to restructuring activities related to the sale of the Juicy Couture intellectual property and related assets and the sale of Lucky Brand Dungarees and Vill will provide limited consulting services to the company for a period of time following his departure, the company said.
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July 30, 2014
10:30 EDTKATEMichael Kors risks seen increasing, shares downgraded
Shares of accessories designer Michael Kors (KORS) are falling after research firm Robert W. Baird downgraded the stock in a note to investors earlier today. WHAT'S NEW: There is increased risk to Michael Kors' revenue and profit margins in North America, Baird analyst Mark Altschwager wrote. The firm's survey on handbags suggests that many fewer consumers are looking to buy handbags this quarter than in the prior quarter, the analyst stated. Additionally, the survey suggests that fewer women plan to buy a Michael Kors handbag in Q3 than in Q2, Baird stated. Meanwhile, Internet search trend data indicates that Michael Kors' trends in the U.S. decelerated in July, Altschwager stated. On a positive note, Michael Kors can still meet its guidance for a high teen percentage increase in Q1 comparative sales and the company's European business appears to be strong, the analyst stated. Moreover, the accessories maker's Q1 results and its guidance are likely to be in-line with expectations, Altschwager believes. However, he "sees less room" for the company's Q1 results to beat expectations. The analyst lowered his price target on the shares to $98 from $114 and cut his rating to Neutral from Outperform. WHAT'S NOTABLE: In recent days Topeka, Morgan Stanley, and Piper Jaffray recommended buying Michael Kors' stock following its weakness. However, BMO Capital called the stock overvalued and Citigroup wrote that its own survey showed that Michael Kors' watch sales were moderating. PRICE ACTION: In early trading, Michael Kors fell 1% to $82.91. Other companies in the space were mixed, as Coach (COH) gained 1.4% to $34.83 and Kate Spade (KATE) lost 0.6% to $38.45.
July 29, 2014
08:21 EDTKATEKate Spade business healthy and solid, says BMO Capital
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