Tapestry Stock News

Is Capri stock a buy after its share price plunged?

Major U.S. equities indexes were mixed on the final day of trading in a week dominated by a steady flow of earnings reports as well as increasing questions about how quickly the Federal Reserve will proceed with interest-rate reductions.

A federal judge issued a ruling blocking the pending merger of luxury fashion brands Tapestry and Capri on the grounds it would undercut competition in the handbag market.

The U.S. District Court in the Southern District of New York just blocked the acquisition of Capri Holdings by Tapestry in a suit brought by the Federal Trade Commission (FTC) against the $8.5 billion deal.

Capri Holdings stock has been nearly cut in half Friday after a U.S. judge blocked the retailer's proposed merger with Kate Spade parent Tapestry.

Shares of Michael Kors owner Capri slumped nearly 46% in premarket trading on Friday after a U.S. judge blocked its pending $8.5 billion merger with handbag maker Tapestry.

A judge has granted a preliminary injunction to halt the merger between Tapestry and Capri Holdings. The two companies planned to have multiple luxury brands — including Versace — operating under one umbrella.

A US judge has temporarily halted an $8.5 billion merger betweenTapestry Inc (NYSE:TPR) and Capri, blocking the combination of major fashion brands such as Michael Kors, Kate Spade, and Coach. Judge Jennifer Rochon's decision, issued on Thursday, pauses the deal while the Federal Trade Commission (FTC) completes its review.