Coach (COH) PT Raised to $50 at Wells Fargo Following Acquisition of KATE

Coach (COH) PT Raised to $55 at Instinet Following Announced KATE Acquisition

May 8, 2017 3:18 PM EDT

Instinet raised its price target on Coach (NYSE: COH) to $55.00 while maintaining a Buy rating following the company's announced aquisition of... More

Wunderlich Securities Downgrades Kate Spade (KATE) to Hold Following Deal With Coach (COH)

May 8, 2017 11:26 AM EDT

Wunderlich Securities downgraded Kate Spade (NYSE: KATE) from Buy to Hold with a price target of $18.50 (from $24.00).

The analyst downgrades the name after Coach (NYSE: COH) agreed to buy KATE. ANalyst Eric Beder... More

Pre-Open Movers 05/08: (DRRX) (STRP) (GIMO) Higher; (HZNP) (STMP) (MU) Lower (more...)

May 8, 2017 9:33 AM EDT

Today's Pre-Open Movers

DURECT Corporation (Nasdaq: DRRX) 37.5% HIGHER; announced a development and commercialization agreement with Sandoz AG, a division of Novartis (NYSE: NVS), to develop and market in the United States DURECT's POSIMIR® (SABER®-Bupivacaine), an investigational locally-acting, non-opioid analgesic intended to provide up to three days of continuous pain relief after surgery.

Horizon Pharma (NASDAQ: HZNP) 29.5% LOWER; reported Q1 EPS of $0.21, $0.02 worse than the analyst estimate of $0.23. Revenue for the quarter came in at $220.9 million... More

Wall Street flat; fear barometer falls to 1993 low

May 8, 2017 7:34 AM EDT

By Noel Randewich

(Reuters) - The S&P 500 ended flat on Monday after briefly touching a record high, while Wall Street's "fear gauge" dropped to its lowest in over two decades following centrist Emmanuel Macron's victory in the French presidential election.

The CBOE Volatility index dropped 0.8 point to close at 9.77, its lowest since 1993 as investors took comfort from Macron's victory, as well as from strong quarterly reports in recent weeks.

A declining VIX typically indicates a bullish outlook for stocks, but the extreme lows the index has touched are sounding caution for some stock investors.

... More

With eye on millennials, Coach buys Kate Spade

May 8, 2017 7:23 AM EDT

By Sruthi Ramakrishnan

(Reuters) - Handbag maker Coach Inc (NYSE: COH) said it would buy Kate Spade & Co (NYSE: KATE) for $2.4 billion as it looks to tap the popularity of its smaller rival's quirky satchels and totes among millennials.

The $18.50 per share offer in cash represents a premium of 9 percent to Kate Spade's Friday close. Kate Spade's stock was trading at $18.36 on Monday, while Coach's shares were up 5 percent at $44.80.

Kate Spade's shares have risen 17 percent since Dec. 27, a day before reports emerged that the company... More

Coach (COH) option implied volatility low into acquiring Kate Spade (KATE) for $2.4B

May 8, 2017 7:04 AM EDT

Coach (NYSE: COH) May weekly, May and June call option implied volatility of 22 compares to its 52-week range of 22 to 40 into acquiring Kate Spade (KATE) for $18.50 per share or $2.4B.

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Coach (COH) to Acquire Kate Spade (KATE) in $2.4B Deal

May 8, 2017 6:45 AM EDT

Coach, Inc. (NYSE: COH) announced it has signed a definitive agreement to acquire Kate Spade & Company (NYSE: KATE). Under the terms of the transaction Kate Spade shareholders will receive $18.50 per share in cash for a total transaction value of $2.4 billion. The transaction represents a 27.5% percent premium to the unaffected closing price of Kate Spades shares as of December 27, 2016, the last trading day prior to media speculation of a transaction. The transaction has been unanimously approved by the Boards of Directors of Kate Spade & Company and Coach,... More