The stock market is trading higher midday. The S&P 500 added 0.27% while the tech-heavy Nasdaq Composite climbed 0.96%. The Dow Jones Industrial Average lost 0.42%. The Russell 2000 Index rose 0.1%.
S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
- Tapestry (TPR) +13.9%
- Digital Realty Trust (DLR) +11.2%
- Deckers Outdoor (DECK) +11.0%
- Resmed (RMD) +7.5%
- Western Digital (WDC) +6.8%
The worst-performing five S&P 500 stocks with the largest midday drop are:
- Mohawk Industries (MHK) -12.1%
- HCA Holdings (HCA) -10.0%
- Universal Health Services (UHS) -9.3%
- Principal Financial Group (PFG) -8.2%
- Hartford Financial Services Group (HIG) -6.6%
Stocks also worth noting include:
- Nvidia (NVDA) +1.6%
- Apple (AAPL) +0.5%
- Tesla (TSLA) +2.3%
- Capri (CPRI) -47.3%
- Spirit Airlines (SAVE) +18.14%
Coach parent soars while Michael Kors stock price halves
Coach owner Tapestry’s stock jumped 14% while Michael Kors parent Capri plummeted nearly 50% after a federal judge blocked Tapestry’s acquisition of Capri.
The FTC argued that the merger would hurt consumers by reducing competition and raising prices. Tapestry countered, claiming it would benefit customers through faster trends and better products.
Related: LVMH closes deal with a controversial luxury rival
Tapestry, the parent company of Coach, Kate Spade, and Stuart Weitzman, announced a plan over a year ago to acquire Capri Holdings—the owner of Versace, Jimmy Choo, and Michael Kors—in an $8.5 billion deal.
Tapestry plans to appeal, arguing the deal would benefit consumers by allowing faster trends and better products.
Deckers Outdoor surges on earnings beat
Deckers Outdoor, the maker of Ugg and Hoka shoes, gained 11% after posting strong earnings.
The company reported earnings of $1.59 per share, surpassing analysts' expectations of $1.24. Revenue came in at $1.31 billion, also exceeding the consensus estimate of $1.20 billion.
Related: Billionaire Bill Ackman buys 3 million shares of battered consumer stock
Deckers has raised its full-year outlook, now projecting a 12% increase in annual sales to $4.8 billion, up from its previous forecast of a 10% rise to $4.7 billion.
“HOKA and UGG produced outstanding second quarter results driven by strong consumer demand for our innovative and unique products,” said CEO Stefano Caroti in a statement.
Spirit Airlines climbs after plans to cut jobs and sell planes
Spirit Airlines surged 18% after the embattled company announced new plans to cut costs.
Related: Another airline declares bankruptcy, cancels all flights
The airline plans to sell 23 older Airbus planes, which could bring in $519 million, and reduce costs by $80 million, mainly through layoffs.
More Bankruptcy:
- Distressed retailer closes more stores in Chapter 11 bankruptcy
- Popular restaurant chain operator files for Chapter 11 bankruptcy
- Iconic fast-food chain operator files Chapter 11 bankruptcy
Spirit is grappling with profitability issues post-pandemic, impacted by shifting travel demand and grounded Pratt & Whitney-powered planes.
Despite the stock jump, shares are down over 80% this year after a judge blocked its acquisition by JetBlue, adding to its financial woes.
Related: Veteran fund manager sees world of pain coming for stocks
