charts after earnings
Sharply lower on the day are shares of Michael Kors Ltd. (KORS) after posting fiscal Q4 profits of $0.90 per share, one cent below consensus forecasts, and revenue increases +17.8% year-over-year of $1.1B, in line with estimates. The big downturn seems to be related to the Q4 same store sales results that were -5.8% year-over-year versus the +5.5% that was expected. The fashion clothing and accessory maker also issued Q1 and full year guidance that was below expectations. Equity volume was huge in just the first 2 hours of the day, with more than 35M shares changing hands compared to normal full day volume of about 3M shares. KORS shares were already about -19% YTD. Option activity is surprisingly neutral with a volume put/call ratio of 1.16 compared to an open interest put/call ratio of only .99. 8 of the 10 most active contracts were puts with by far the largest activity on 06/19/2015 45 puts, with over 13k contracts traded. This was made up primarily of 2 blocks (1k & 9k) which traded at 9:41 & 9:42 ET at the ask price of .35. These appear to be opening buys (which implies bearish activity) given the open interest was only 8 contracts previously.
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