Tapestry announced it is canceling the acquisition of Capri Holdings, after the two companies lost their fight against the FTC's opposition to the merger.
TPR pulls out of the merger with Capri, redirecting efforts toward expanding its business and enhancing shareholder value.
Joanne Crevoiserat, Tapestry CEO, joins 'Squawk on the Street' to discuss the company's abandoned merger with Capri, if it's secretly a blessing in disguise, and much more.
Major U.S. equities indexes slipped on Thursday as the latest Producer Price Index report revealed that wholesale prices increased in October at their steepest rate in three months and Fed Chair Jerome Powell said there wasn't a "hurry" to cut interest rates.
Tapestry Inc (NYSE:TPR) stock was last seen up 12.8% to trade at $57.81, leading the S&P 500 Index (SPX) today.
Shares of Tapestry (TPR) surged Thursday morning while Capri Holdings (CPRI) stock slipped after the parent companies of a number of luxury brands called off their planned merger over ongoing legal challenges.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Tapestry (TPR) and Capri (CPRI) agreed to close merger talks due to legal uncertainties, which Tapestry investors favored. ASML Holding (ASML) ticked higher with bullish commentary on their outlook through 2030.
The Federal Trade Commission had sued to block the deal between the two luxury companies.
Tapestry Inc.' stock jumped 6.8% early Thursday, while Capri Holdings Inc.'s stock fell about 4%, after Tapestry said it's terminating its $8.5 billion merger agreement with its smaller rival.
Tapestry said on Thursday it was terminating its $8.5 billion deal for Michael Kors owner Capri after the deal was blocked by a U.S. judge.
Review Tapestry's (TPR) international revenue performance and how it affects the predictions of financial analysts on Wall Street and the future prospects for the stock.