The stock market is trading higher at midday. The S&P 500 added 0.27%, while the tech-heavy Nasdaq Composite rose 0.96%. The Dow Jones Industrial Average lost 0.42%. The Russell 2000 index rose 0.1%.
The biggest stocks in the S&P 500 today
Five S&P 500 stocks making big midday moves are:
- Tapestry (TPR) +13.9%
- Trust in digital real estate (DLR) +11.2%
- Outdoor Deckers (DECK) +11.0%
- Resolved (R.M.D.) +7.5%
- Western Digital (WDC) +6.8%
The five S&P 500 stocks with the worst performance and the biggest drop at midday are:
- Mohawk Industries (MHK) -12.1%
- HCA Holdings (HCA) -10.0%
- Universal health services (UHS) -9.3%
- Main Financial Group (PFG) -8.2%
- Hartford Financial Services Group (HIGH) -6.6%
Actions also worth highlighting include:
- NVIDIA (NVDA) +1.6%
- Apple (AAPL) +0.5%
- tesla (TSLA) +23%
- Capri (CPRI) -47.3%
- Spiritual airlines (SAVE) +18.14%
Coach Matrix Soars as Michael Kors Share Price Halves
Shares of coach owner Tapestry rose 14%, while Michael Kors parent Capri plunged nearly 50% after a federal judge blocked Tapestry's acquisition of Capri.
The FTC argued that the merger would harm consumers by reducing competition and raising prices. Tapestry responded, stating that it would benefit customers through faster trends and better products.
Related: LVMH closes deal with controversial luxury rival
Tapestry, the parent company of Coach, Kate Spade and Stuart Weitzman, announced more than a year ago a plan to acquire Capri Holdings, owner of Versace, Jimmy Choo and Michael Kors, in an $8.5 billion deal.
Tapestry plans to appeal, arguing that the deal would benefit consumers by allowing for faster trends and better products.
Deckers Outdoor rises after surpassing results
Deckers Outdoor, the maker of Ugg and Hoka shoes, gained 11% after posting strong gains.
The company reported earnings of $1.59 per share, beating analyst expectations of $1.24. Revenue came in at $1.31 billion, also beating the consensus estimate of $1.2 billion.
Related: Billionaire Bill Ackman Buys 3 Million Distressed Consumer stocks
Deckers has raised its full-year outlook, now projecting a 12% rise in annual sales to $4.8 billion, up from its previous forecast of a 10% rise to $4.7 billion.
“HOKA and UGG delivered excellent results in the second quarter driven by strong consumer demand for our innovative and unique products,” CEO Stefano Caroti said in a statement.
Spirit Airlines rises after plans to cut jobs and sell planes
Spirit Airlines rose 18% after the troubled company announced new plans to cut costs.
Related: Another airline files for bankruptcy and cancels all flights
The airline plans to sell 23 older Airbus planes, which could generate $519 million, and reduce costs by $80 million, mainly through layoffs.
More bankruptcies:
- Struggling retailer closes more stores in Chapter 11 bankruptcy
- Popular restaurant chain operator files for Chapter 11 bankruptcy
- Iconic fast-food chain operator files for Chapter 11 bankruptcy
Spirit is grappling with profitability issues post-pandemic, impacted by changes in travel demand and grounded Pratt & Whitney-powered planes.
Despite the stock's rise, the stock has fallen more than 80% this year after a judge blocked its acquisition by JetBlue, adding to its financial woes.
Related: Veteran Fund Manager Sees a World of Hurt for stocks
