Kate Spade & Co (NYSE: KATE)
Kate Spade is having an incredibly strong day in the market today, and for good reason. Reports are breaking that the company may announce that it has been acquired relatively soon. As a result, investors are flocking to the stock, leading to gains and prompting our partners at Trade Ideas to alert us to the movement. At the moment (11:01), KATE is trading at $23.58 per share after a gain of $0.39 per share (1.66%) thus far today.
KATE Gains On Acquisition Hopes
As mentioned above, Kate Spade is having an overwhelmingly strong start to the day today, and for good reason. Stories are breaking that Bank of America is saying that Coach (COH) will likely be acquiring KATE in a deal that will be announced relatively soon. Of course, neither KATE or COH are commenting on the story at the moment, but given the source of the story, we expect that this is very valid.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on KATE. In particular, we’re interested in following the acquisition story as news may break relatively soon that COH is buying the company. We’ll continue to follow the story closely and bring you the news as it breaks!
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