Michael Kors Sharply Higher

Michael Kors

shares are trading higher by $3 at $45.72 in Wednesday's session. The catalyst for the rally is a Q4 beat of penny with inline revenues. Also, the company raised FY 2017 guidance. After a higher open, it retrated but found support well ahead of the top of Tuesday's range ($42.93), only reaching $43.73 before resuming its move higher. So far, it has $46, which is shy of its May 11 of $46.67. The issue was hit hard in that session, falling from $48.86 to $45.43, when Macy's

reported lower-than-expected Q1 results.