Tapestry (TPR) is the retail sector’s star. Yesterday, shares gained 12.8% to close at $57.82 after the firm agreed to end its merger deal worth $8.5 billion with Capri Holdings (CPR).
Capri owns Coach, Kate Spade, and Stuart Weitzman. Capri owns Michael Kors, Jimmy Choo, and Versace. The development is good news for Tapestry shareholders. The firm reaffirmed its commitment to drive accelerated organic growth. It also announced another $2 billion in its share repurchase authorization.
Wynn Resorts (WYNN) could revisit the $100 level. The firm jumped by 8.65% yesterday after Fertitta reported a 9.9% passive stake in the casino operator.
First Solar (FSLR) may return to the $200 support price. Despite Coatue Management dumping its position in FSLR stock, shares rallied by over 7%.
Among the “cold” stocks, Leidos (LDOS) fell after Trump named Fox News host Pete Hogseth as Defense Secretary.
The worst stock of the year is Super Micro Computer (SMCI). After delaying its 10-Q filing, announced on November 13, SMCI stock lost 11.41% on Thursday. The firm said it could not file the report without unreasonable effort or expense. The excuse hurts SMCI shareholders the most. SMCI management must go above and beyond its duty to replace its former auditor, Ernst & Young. The accounting firm had resigned. This re-sparked the current stock selloff.
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