Michael Kors Holding Ltd (NYSE: KORS)
Michael Kors was off to a relatively normal day in the market today. However, minutes ago, the stock started soaring. Below, we’ll talk about what we’re seeing from the stock, why, and what we can expect to see from KORS ahead.
What We’re Seeing From KORS
As mentioned above, Michael Kors Holdings stock was off to a relatively normal start to the trading session. While the stock was in the green, it wasn’t anything to write home about. Nonetheless, that all changed minutes ago as the stock started to skyrocket. Currently (2:50), KORS is trading at $50.59 per share after a gain of $2.42 per share (5.02%) thus far today.
Why The Gains Are Happening
As soon as the gains started, the CNA Finance team started digging for the reason. Through the digging, we found no fundamental news released by the company or even surrounding the company. However, we did note that just a few sessions ago, KORS was climbing on acquisition rumors.
Earlier today, it was noted that Coach was planning a big acquisition. They could end up paying $20 billion for the acquisition of another luxury goods company. While Michael Kors Holdings was not mentioned in the news, we believe that the gains are the result of investors becoming excited about the possibility of an acquisition again.
What We Can Expect To See Ahead
Moving forward, I maintain a relatively bullish opinion with regard to what we can expect to see from KORS. The company has done an incredible job building its brand and demanding top dollar for great products. If an acquisition were to happen, it would be great for the stock. However, regardless of the possibility of an acquisition, KORS is likely to see gains in the long run.
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[Image Courtesy of PEXELS]