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Qualcomm and Michael Kors climb while Sprint and Schein skid
Qualcomm and Michael Kors Holdings rise while Sprint and Henry Schein trade lower
U.S. stock benchmarks end at records
U.S. stocks closed higher on Monday, with major indexes extending their upward streak as positive earnings and deal activity supported stocks. The Dow Jones Industrial Average rose 10 points to 23,549, a rise of less than 0.1%. The S&P 500 rose 3 points, or 0.1%, to 2,591. The Nasdaq Composite Index was up 22 points, or 0.3%, to 6,786. All three ended at records, marking the 26th time thus far this year that the three major equity benchmarks simultaneously closed at all-time highs, a new record. Among the most actively traded stocks was Qualcomm Inc. , which rose 1.2% after Broadcom Ltd. announced an unsolicited proposal to buy the rival chip maker. The deal is valued at $130 billion including debt. Shares of Broadcom rose 1.4%. Michael Kors Holding Ltd. jumped 15% in the wake of better-than-expected results. By far the strongest sector of the day was energy, which jumped 2.2% alongside a 3% rise in the price of crude oil. Crude spiked following a purge in Saudi Arabia of more than five dozen princes, ministers and prominent businessmen, which raised questions about oil supply.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Michael Kors shares are up along with its profit
Michael Kors has completed its purchase of Jimmy Choo and expects it to boost an already improving financial performance
Michael Kors second-quarter profit rises 26%
Michael Kors Holdings Ltd's quarterly profit rose 26 percent on Monday, helped by lower taxes and higher revenue from new store openings.
Michael Kors lifts revenue forecast, benefiting from Jimmy Choo
Fashion accessories maker Michael Kors Holdings Ltd (KORS) lifted its annual revenue forecast on Monday, predicting its recent acquisition of upscale shoemaker Jimmy Choo will begin to pay off before the end of the fiscal year. Kors also reported profit and revenue for its second fiscal quarter ahead of analysts' estimates, as it opened 56 new stores since the same period a year ago.
Michael Kors upgraded on belief strategic turnaround is starting to show results
Michael Kors Holdings Ltd. shares are up 1.9% Wednesday after the company's stock was upgraded to buy from hold at Canaccord Genuity, which believes that company's strategic turnaround is starting to yield results. The price target was raised to $58 from $43. "After a multi-year stretch of excessive promotions, stale innovation in handbags, and a watch category that disproportionately depressed comps and collapsed earnings before interest and taxes margins, we believe the strategic steps management has recently begun implementing are showing early signs of traction," Canaccord analysts led by Camilo Lyon wrote in a Wednesday note. Michael Kors has recently taken steps to add embellishment and make other style changes to its merchandise, and has pulled back from department stores. The introduction of the Access smart watch line has also offset the declines in the fashion watch category. Michael Kors shares are up 11.5% for the year so far, and up 34% for the last three months. The SPDR S&P Retail ETF is up 3.2% for the past three months and the S&P 500 index is up 3.3% for the period.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Jimmy Choo shareholders approve Michael Kors takeover
Sept 18 (Reuters) - Luxury shoemaker Jimmy Choo Plc
on Monday said its shareholders voted in favour of a $1.2
billion takeover by fashion group Michael Kors Holdings Ltd
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