BUZZ-U.S. STOCKS ON THE MOVE-Michael Kors, Ceres, GlobeImmune, Great Basin
(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 were up in late morning trading on Wednesday, rebounding strongly from their steepest fall in three weeks on Tuesday, as the dollar's rally eased on reports that Greece would avoid a default.
The Dow Jones industrial average was up 0.62 percent at 18,154.04, the S&P 500 was up 0.71 percent at 2,119.19 and the Nasdaq Composite was up 0.94 percent at 5,080.295.
** MICHAEL KORS HOLDINGS LTD, $46.55, -23.17 pct
** COACH INC, $34.71, -5.06 pct
** KATE SPADE & CO, $25.85, -2.93 pct
** FOSSIL GROUP INC, $70.27, -7.14 pct
Michael Kors reported its slowest growth in quarterly revenue since it went public in December 2011 as sales were hurt by lower tourist traffic, weak demand for watches and shipping delays due to West Coast port disruptions.
The company's comments weighed on the stocks of its rivals. Continued...