Diamonds and Dogs
12/26/12Michael Kors Holdings Ltd. (KORS)
Michael Kors is not looking luxurious today, down 6.66% at $50.00. The fashion retailer saw its shares crash after worse than expected holiday spending. This year holiday spending was up only 0.7% from last year, far worse than being up 3-4% as expected by analysts'. Retail stores had weaker holiday sales than expected this year and shares of retailers are taking a hit. Michael Kors is feeling the pain from the retail slowdown today with investors looking to get out of the retail sector. The company is still well above its 52-week low of $25.50, but lost over $3.50 today.
Enzo Biochem Inc. (ENZ)
Enzo Biochem is climbing higher today, up 7.09% at $2.72. The biotechnology company saw its shares explode after positive news and better than expected earnings. Enzo was in the middle of a patent infringement case which just ended favorably for the company. The court awarded the Company $48.5 million and that could result in court awarded interest costs that could add multi-millions more. Furthermore, Enzo's operating income increased by $1.6 million, compared to a year ago loss. The positive income was led by revenue growth of 7%, nearly two times the industry average growth. Enzo is pushing up near its 52-week high of $3.12.