Michael Kors Lower After Analyst Initiates Sell Rating

Michael Kors Holdings Ltd KORS shares are trading lower by $2.70 (7.8 percent) at $33.18 in Tuesday's session.

The catalyst for the decline is the Sell rating and $26 price target it was given by MKM Partners ahead of the opening bell.

After a lower open, Kors managed an 8-cent bounce to $35.20 before continuing its move lower. It has continued to make new lows for the session, with the current one standing at $33.02. That low comes in just above its June 5 low of $32.90.

If the decline continues beyond that level, the lowest level it has reached since peaking at $101.14 in February 2014, can be found at its May 31 low of $32.38.