Coach Inc (NYSE: COH)
Coach is having a pretty good day in the market today. After starting the day slightly in the green, the stock quickly started to head upward before correcting a bit. From there, the stock traded relatively flat, but was holding onto some gains. That is, until minutes ago when we saw a volume spike send the stock a few notches higher. Below, we'll talk about what we're seeing from the stock, why, and what we'll be watching for with regard to COH ahead.
What We're Seeing From COH
The day is going pretty well for Coach in the market today. As mentioned above, the stock started the day on a strong note, trading slightly in the green. From there, we saw movement in both directions, but the stock hasn't even dipped a toe into the red quite yet. Then, minutes ago, it started to spike upward. Currently (1:40), COH is trading at $39.66 per share after a gain of $0.69 per share or 1.77% thus far today.
Why The Stock Is Headed Upward
As is nearly always the case, our partners at Trade Ideas were the first to alert us of the upward movement on COH. As soon as we received the alert, the CNA Finance team started digging to see why the stock was making a run for the top. It didn't take long to dig up the story. Ultimately, the gains are the result of a rumor that has been circling for some time.
That's right, we're talking buyout rumors again. Generally, when we see rumors like this, we dig in to try and find some details to either confirm or debunk the possibility of a takeover. In this case, that's not needed. The truth is that once a month at least, for some time now, we've seen the same rumor surrounding Coach. The rumor always proves to be invalid. So, we're predicting that this one is as well.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on COH. In particular, we'll be watching to see if there proves to be any validity to these rumors. While we don't believe that to be the case, the stock could be a classic depiction of the boy who cried wolf. Nonetheless, we'll continue to follow the story and bring you the updates as they break!
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[Image Courtesy of Wikimedia]