Michael Kors Up 20% After Q1 Beat And Raise

Michael Kors Holdings Ltd KORS shares are trading higher by $8.00, or 21 percent, at $45.22 in Tuesday's session.

The catalyst for the rally is a Q2 EPS beat of 18 cents along with a sales beat of $5 million. The company boosted Q2 EPS, sales and FY 2018 sales.

See Also: 2 Things We Learned About Michael Kors

After a $6 higher open, Michael Kors had a brief $1.00 retreat to $42.71 before continuing its move higher. It has been on a slow and steady climb, so far reaching $45.65. That exceeds its yearly-high by over $3.00 and marks the highest level for the stock since December 19, when it made a daily high of $45.83.

If it can surpass that level, its December 16 high isn't until $46.43.