Michael Kors Holdings Ltd (NYSE: KORS)
Michael Kors Holdings wasn’t off to the best of days in the market today. In fact, the stock was trading slightly in the red at the opening bell. From there, it continued downward, falling further and further into the abyss before finding support. However, minutes ago, things changed in a big way as the stock started spiking upward. Below, we’ll talk about what we’re seeing, why, and what we’ll be watching for with regard to KORS ahead.
What We’re Seeing From KORS
As mentioned above, Michael Kors Holdings was off to what seemed like it was going to be a rough trading session early on. When the session started, the stock was already trading on slight losses. From there, it continued to head downward for the first half hour or so before finding support. However, minutes ago, the stock started screaming upward, making its way cleanly into the green. At the moment (10:17), KORS is trading at $43.39 per share after a gain of $0.16 per share (0.37%) thus far today.
Why The Stock Is Spiking
Our partners at Trade Ideas were the first to inform us of the gains on KORS. As soon as they did, the CNA Finance team went to work to see exactly why the stock was spiking in the upward direction. It didn’t take long to uncover the story. In our search, we were unable to find anything fundamental that would have caused such a spike. However, we were able to find a rumor that we believe is the cause of the movement.
At the moment, all over social media, there’s a rumor surfacing about Michael Kors Holdings. That rumor is that the company is likely to be taken over soon. At the moment, the rumor is unconfirmed. Honestly, this isn’t the only time we’ve seen this on KORS. In fact, in the past few months, I remember seeing a rumor like this surrounding KORS at least 3 times! So, I wouldn’t get my hopes up if I were you.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on KORS. In particular, we’ll be watching to see if the rumor actually comes to fruition in this case. While it would be great for shareholders, we don’t believe that it will actually happen. At the end of the day, takeover rumors to KORS are like user growth issues to TWTR, they happen all the time! Nonetheless, we’ll be watching the story and bringing it to you as it breaks!
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[Image Courtesy of Wikimedia]