Why Capri Holdings Stock Fell as Much as 14% Today
Shares of Capri Holdings (NYSE: CPRI), the luxury retailer that owns the Michael Kors, Versace, and Jimmy Choo nameplates, were lower by around 13% at 3 p.m. ET on March 7. At the worst levels of the day to that point the stock was off by a touch over 14%. There were two big things going on.
The first headwind Capri Holdings stock faced today was the broad market sell-off. By 2 p.m. ET the S&P 500 index was lower by more than 2%. When the mood on Wall Street is deeply negative, it is hard for any stock to withstand the onslaught. But this big-picture issue wasn't the only thing leaving a bad taste in investors' mouths with regard to Capri Holdings. The company also announced a management departure.
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Source Fool.com