Michael Kors Approaches $50 For First Time Since May 2015

Michael Kors Holdings Ltd KORS shares are trading higher by $9.30 at $49.74 in Tuesday's session. The catalyst for the monster rally is a Q3 beat for EPS of $0.13 with inline revenues. The company also raised FY 2016.

After a sharply higher open, it retreated only $0.75 before finding support at $46.44 and resuming its move higher.

So far, it has reached on $49.94 and is not far off that level. The issue has not traded in the $50 handle since May 2015. That was one of the worst months for the issue during its slide from its all-time high ($101.14) to $61.86 to $46.50.