Michael Kors: The Day After Its Meltdown

Michael Kors

shares are trading higher by $0.65 at $46.58 in Thursday's session. Certainly not much of a rebound after its $14.66 drubbing ($60.59 to $45.93), that was instigated by companies lower guidance for FY2016. At this time, the Street is fading the pair downgraded from the Street. Cannacord's Camilo Lyon forecated continued weakness in the issue maintained its Hold rating, but lowered its price target from $64 to $48. Also, Goldman Sachs downgraded Kors from Buy to Neutral and slashed its price target from $93 all the way tot $50. Short-sellers took advantage of the downgrades to cover shorts from the opening bell. After its lower open beyond Wednesday's low ($45.88), the first print of the day was its lowest ($45.61) and it has grinded higher. So far, it ahs reached $46.95, which is still quite a distance from the high in Wednesday's session at $50.50. It is on pace to have an above average volume day, but no where near the 69.2M shares that changed hands on Wednesday. So far it has traded 12.5M share compared with its 20 day average of 6.4m shares with three hours remaining in the session.