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Stock Market & Financial Investment News

News Breaks
February 4, 2014
11:48 EDTCOH, KORS, RL, FOSLMichael Kors hits 52-week high after raising 2014 outlook
Shares of handbag and other luxury goods maker Michael Kors (KORS) are soaring after the company's third quarter results surpassed analysts' expectations and it raised its fiscal 2014 guidance. WHAT'S NEW: This morning, Michael Kors reported third quarter earnings per share of $1.11 and revenue of $1.0B, easily surpassing analysts' consensus estimates of 86c and $859.94M, respectively. The company also reported Q3 same store sales increased 27.8%. Michael Kors raised its FY14 EPS view to $3.07-$3.09 from $2.77-$2.81, compared to consensus of $2.83. It also raised its FY14 revenue view to $3.18B-$3.19B from $2.9B-$3.0B, versus consensus of $3.03B. The outlook assumed a SSS increase of approximately 25%, higher than its previous forecast for a 20% gain. ANALYST REACTION: In a note to investors, research firm Jefferies said the holiday quarter results clearly show the brand's dominance, but was likely the peak for the company. Jefferies cautioned investors against assuming the company's market share gains would continue at their current pace, believing that its market cap relative to sales trends was high. Jefferies reiterated its Hold rating on the shares, but did raise its price target to $85 from $80. Jefferies also said it would use today's strong report from Kors as an opportunity to buy Fossil (FOSL), which it noted has exposure to Kors' watch licensing business and which the firm views as having a more reasonable valuation. PRICE ACTION: In late morning trading, Michael Kors soared over 17% to $90.02 on more than three times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week high of $93.18 and it's up over 65% in the past twelve months. Shares of Fossil were up more than 5% to $113.79. OTHERS TO WATCH: Michael Kors' competitors include Ralph Lauren (RL), which was up 0.6% to $154.60, and Coach (COH), which fell 1.5% to $45.81 in late morning trading.
News For KORS;FOSL;RL;COH From The Last 14 Days
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April 15, 2014
12:01 EDTKORSMichael Kors announces eyewear license with Luxottica
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09:42 EDTKORSMichael Kors growth story may be showing signs of cracks, Herb Greenberg says
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April 10, 2014
14:26 EDTKORSMichael Kors volatility stays flat on wide price movement
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