Capri Shares Plunge 46% as Judge Blocks $8.5 Billion Tapestry Merger

October 25, 2024

Image source: Wikimedia Commons

Breaking News

Image source: Wikimedia Commons (Capri Logo / Tapestry logo)


Shares of Capri Holdings dropped nearly 46% premarket after a U.S. judge blocked its $8.5 billion merger with Tapestry, citing reduced competition in the handbag market. The decision, which Tapestry plans to appeal, leaves Capri exploring alternative options while Tapestry’s shares rose 13% amidst analyst support for its standalone growth. Reuters reports.

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Top 5 Movers in Early Pre-Market

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1. $SGBX: Safe & Green Holdings

Total gain: 98.09%

2. $JFBR: Jeffs Brands

Total gain: 67.63%

3. $ARBB: ARB IOT Group

Total gain: 59.24%

4. $FFIE: Faraday Future
Total gain: 32.49%

5. $LILM: Lilium
Total gain: 24.16%

Friday Fact

What Does the Dow Jones Industrial Average Measure?

The Dow Jones Industrial Average (DJIA) is one of the best-known stock market indexes in the United States. The index, which is owned by S&P Dow Jones Indices (launched by McGraw-Hill and the CME Group), measures the daily price movements of 30 large American companies on the Nasdaq and the New York Stock Exchange (NYSE). It is widely viewed as a proxy for general market conditions and the U.S. economy as a whole.

Launched in 1896, the DJIA consists of blue-chip stocks, approximately two-thirds of which are represented by companies producing industrial and consumer goods. The rest are chosen from all the major sectors of the economy, including information technology, entertainment, and financial services.

📰 Read more

Yesterday’s Biggest Movers

The closing price of the top three market percent gainers trading near or above $3 on October 24.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1. $MNPR: Monopar Therapeutics

Total gain: +645.36%
The company announced that it has entered into an agreement with Alexion, AstraZeneca Rare Disease, for an exclusive worldwide license to ALXN-1840 (bis-choline tetrathiomolybdate), a drug candidate for Wilson disease. Alexion has advanced ALXN-1840 through a Phase 3 clinical trial, achieving its primary endpoint. Under the agreement, Monopar will assume responsibility for all future global development and commercialization activities. Benzinga reports.

2. $EFSH: 1847 Holdings
Total gain: +98.77%
The stock appeared to be moving on no notable news.

3. $ATGL: Alpha Technology Group
Total gain: +52.45%
The stock appeared to be moving on no notable news.

Today’s Notable Earnings

*Estimate and Actual numbers represent Earnings Per Share in US Dollars

KOF: Coca-Cola Femsa
3Q 2024
Before Market Open
Estimate: 1.330
Actual: N/A

CRI: Carter's
3Q 2024
Before Market Open
Estimate: 1.400
Actual: 1.640

SNY: Sanofi
3Q 2024
Before Market Open
Estimate: 1.390
Actual: 1.570

Today’s Key Economic Dates

Time (ET) / Report / Period

8:30 am - Durable-goods orders - September
8:30 am - Durable-goods minus transportation - September
10:00 am - Consumer sentiment (final) - October

Parting Thoughts

"Successful investing involves doing just a few things right and avoiding serious mistakes."

― John C BogleSourced in:
"The Little Book of Common Sense Investing", by John C. Bogle, published in
2007