Stocks - Tapestry Lifts Designer Stocks Midday; Auto Parts Stocks Climb

Investing.com - Handbag maker Tapestry jumped in midday trading on solid results, while earnings also helped push auto parts stocks higher.

Tapestry (NYSE:TPR), formerly Coach , rose about 12.5% at 11:20 AM ET (15:20 GMT), the biggest gainer in the S&P Consumer Discretionary index, which rose about 0.9%.

Tapestry beat quarterly expectations on the top and bottom lines. Strong sales of Kate Spade bags drove revenue up 31% from the year-ago period and also had double-digit earnings accretion, the company said. Designer Kate Spade passed away unexpectedly in June.

Same-store sales also topped forecasts, while guidance was in line with expectations.

Shares of competitors were also higher. Ralph Lauren (NYSE:RL) gained about 1.4%, while Michael Kors (NYSE:KORS) stock was up about 3%.

Also in consumer discretionaries, Advance Auto Parts (NYSE:AAP) stock jumped about 7.5% after the company reported better-than-expected quarterly earnings.

The company boosted its full-year guidance, citing an improved demand environment.

AutoZone (NYSE:AZO) shares followed suit, rising about 3%.

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