Diamonds and Dogs
Kate Spade (KATE) is shopping herself. The high end retailer was not having a good 2016, but today the stock jumped 23% after the Wall Street Journal reported that Kate Spade was exploring a sale. The company hired investment bankers to explore a potential sale of the company after investor pressure to maximize shareholder return. Coach and Michael Kors are two potential suitors.
Nvidia (NVDA) took a hit. The hottest chip stock in the market initially made a new 52 week high this morning, but then dropped 10% after noted short seller, Andrew Left of Citron disclosed he was short the stock. Any way you slice it, Nvidia has had a great year, a great career, rising 300% year to date on improved demand and the potential for robust sales going forward for projects in the world of artificial intelligence. However, Andrew Left says the market is disregarding headwinds and in2017, stock could drop back to $90 or basically where it was two weeks ago.