Accessories retailer Coach Inc (NYSE: COH) has had a terrible 2014; The company’s stock is down around 40 percent year-to-date. However, the stock witnessed a sudden upsurge on Thursday and closed the day 2.5 percent higher at $34.46.
Joe Najarian deciphered the unusual activity in the stock and Stephanie Link Brown provided her perspective on it on CNBC.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
"We had some very strong activity in Coach today […] now it hit right away, we bought it right away. Stock popped up over $35, many of you remember that this stock was $55 or $60 stock or $56 stock earlier in the year and has sold off rather dramatically. So people are willing to bet that rumors like Prime Retailers, I think, or some such site had a rumor that LVMH was taking a look at these guys and so forth," Najarian said.
"Whoever it is that may be kicking the tires here, normal volume is about 3,000 options a day. It has already traded over 17,000 (these are just on the call side). So somebody thinks they have got tomorrow’s newspaper today in this name as well."
Link was a little skeptical on the activity, saying, "It could very well be as simple as this that Lulu just blew it away relative to low expectations and Coach hasn’t been able to deliver in forever and so maybe, just maybe, they can deliver in this kind of environment, maybe expectations are lower. Maybe it’s not activism at all, although if any company in that particular sector is going to see activism, that is the one."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.