Michael Kors On Sale For Half Price From All-Time High
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Michael Kors Holdings Ltd (NYSE: KORS) shares are trading lower by $13.91 at $46.68 in Wednesday's session. After posting inline Q4 earnings, the company issued much lower guidance for EPS ($0.74 - $0.78 vs. Est $1.03) and FY 2016 EPS ($4.40 to $4.50 vs Est. $4.70).
The carnage from premarket trading has carried over in a big way to the regular session. Kors ended Tuesday's session at $60.59 and immediately traded at the $54.00 level. By the opening of the regular session, it was under $50 but managed a brief pop to $50.50 before sellers reloaded.
So far, shares are at 46.61; the current low is below its December 2012 low of $47.26.
Kors has now been (more than) cut in half from its all-time high made in February 2014 at $101.04.
Wednesday's massacre is taking place on monster volume. So far it has traded at 31.5M shares compared to a 20-day average volume of 3.84M with three hours remaining session.
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