BUZZ-U.S. STOCKS ON THE MOVE-GlobeImmune, Michael Kors, Tiffany, Emerald Oil
(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks opened higher on Wednesday, bouncing back a day after posting their steepest fall in three weeks as the dollar enjoyed its biggest rally in two years.
The Dow Jones industrial average was up 0.54 percent at 18,138.5, the S&P 500 was up 0.55 percent at 2,115.69 and the Nasdaq Composite was up 0.64 percent at 5,065.032.
** MICHAEL KORS HOLDINGS LTD, $48.96, -19.19 pct
** COACH INC, $34.76, -4.92 pct
** KATE SPADE & CO, $26.07, -2.10 pct
** FOSSIL GROUP INC, $71.17, -5.95 pct
Michael Kors reported its slowest growth in quarterly revenue since it went public in December 2011 on weak demand. Lower tourist traffic in U.S. Northeast and Southeast, weak sales in its watches business and shipping delays due to disruptions at West Coast ports hurt sales.
The company's comments weighed on the stocks of its rivals. Continued...