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Stock Market & Financial Investment News

News Breaks
February 4, 2014
11:48 EDTRL, FOSL, COH, KORSMichael 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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August 3, 2015
12:15 EDTCOHCoach attempting to base at $30, levels to watch
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10:00 EDTCOHOn The Fly: Analyst Downgrade Summary
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07:53 EDTKORSCanaccord remains cautious on Michael Kors heading into earnings
Canaccord said it remains cautious on Michael Kors heading into the company's earnings report on Thursday. The firm believes the sluggishly negative retail traffic trends from last quarter persisted into Q1, leading to a supply/demand imbalance. Canaccord lowered its estimates and price target to $45 from $48 and maintained its Hold rating on Michael Kors shares.
07:21 EDTKORS, COHCoach downgraded to Neutral from Overweight at JPMorgan
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06:42 EDTKORSMichael Kors inventory building at retailers, says Piper Jaffray
Piper Jaffray analyst Erinn Murphy lowered her estimates for Michael Kors (KORS) after channel checks indicated the company's inventory is building at retailers like Macy's (M) and Dillard's (DDS). Further, sales of watches remain under pressure in the U.S. and are starting to slow in Europe, Murphy tells investors in a research note. She believes Kors's negative comps will continue beyond this year as its fundamentals continue to deteriorate. Murphy cut her price target for shares to $38 from $44 and keeps a Neutral rating on the name. The handbag maker closed Friday down 13c to $41.99.
06:03 EDTKORSMichael Kors implied volatility of 57 at upper end of index
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July 31, 2015
14:47 EDTRLRalph Lauren volatility elevated into Q1 and outlook
Ralph Lauren August call option implied volatility is at 34, September is at 29; compared to its 52-week range of 14 to 37, suggesting large near term price movement into the expected release of Q1 results on August 5.
13:03 EDTCOHCoach volatility elevated into Q4 and outlook
Coach August weekly call option implied volatility is at 74, August is at 49, September is at 40; compared to its 52-week range of 21 to 44, suggesting large near term price movement into the expected release of Q4 results on August 4.
05:47 EDTKORSStocks with implied volatility movement; KORS VALE
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July 30, 2015
10:18 EDTKORSMichael Kors call activity attributed to takeover speculation
Michael Kors July 40 and 40.5 calls are active on total call volume of 2500 contracts (300 puts) amid speculation private equity is interested in the company. July weekly call option implied volatility is at 40, August is at 52, September is at 42; compared to its 52-week range of 23 to 54. Active call volume suggests traders taking positions for large price movement,
10:13 EDTKORSRumor: Michael Kors strength attributed to takeover speculation
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July 29, 2015
10:00 EDTKORSOn The Fly: Analyst Initiation Summary
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09:14 EDTKORSMichael Kors initiated with a Hold at BB&T
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July 28, 2015
10:23 EDTCOH, KORSBMO Capital says high-end handbag makers to stay weak
High end handbag makers Coach (COH), Kate Spade (KATE) and Michael Kors (KORS) are continuing to struggle and their share prices are likely to remain weak, research firm BMO Capital wrote in a note to investors today. The firm significantly cut its price targets on all three names. WHAT'S NEW: Consumers are spending less on high-end handbags as they increase the amount they allocate to other areas, including travel, leisure and apparel, BMO Capital analyst John Morris stated. Consequently, the North American handbag market was expanding at a 5% rate at the end of June, down from a high single digit rate earlier this year, according to Morris. Meanwhile, competition within the space is mounting and handbag price wars are continuing, the analyst stated. Although handbag stocks have dropped significantly and their valuations appear attractive, they are "falling knives," the analyst warned. Assessing the status of specific companies, Morris says that Kate Spade has avoided implementing major price cuts on its products, though its comparative sales and "mind share" have suffered as a result of that decision and stores are displaying its products less prominently. Coach's stock suggests that investors expect the company's fundamentals to rebound, but Morris thinks that their optimism may be premature. The pace of the company's improvement "remains challenging," and it is likely to be hurt by a decline of U.S. tourism, he believes. Also likely to be hurt by declines in tourism is Michael Kors, the analyst stated. The prices of Michael Kors' products are being reduced by retailers, its gross margins are sinking and its watch business is weak, Morris warned. He reduced his price target on Kate Spade to $19 from $30, on Coach to $28 from $37 and on Michael Kors to $40 from $51. The analyst kept Market Perform ratings on all three stocks. PRICE ACTION: In early trading, Kate Spade was little changed at $18.75, Coach fell 0.5% to $30.60 and Michael Kors was fractionally higher at $39.17.
09:04 EDTKORS, COHHandbag makers estimates, price targets lowered at BMO Capital
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July 23, 2015
10:00 EDTKORSOn The Fly: Analyst Downgrade Summary
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10:00 EDTCOHOn The Fly: Analyst Upgrade Summary
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08:48 EDTCOHCoach upgraded to Neutral from Underperform at Buckingham
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08:48 EDTKORSMichael Kors downgraded to Neutral from Buy at Buckingham
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July 22, 2015
07:25 EDTCOHCoach price target lowered to $40 from $47 at Stifel
Stifel cut its price target on Coach as the firm believes that competition in the accessories category is increasing, causing a deceleration in the segment. However, the firm keeps a Buy rating on the stock.
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