We’ve got retailers (yes, retailers) posting some big gains today.
Ralph Lauren (RL) shares are surging higher after reporting an earnings beat on stronger revenue and margins. Meanwhile same-store sales were only down 7% versus the expected 8.3%.
It’s a similar story for Michael Kors (KORS). Although earnings and revenue fell from a year ago, the luxury goods retailer still posted a big beat on its top and bottom lines. Both Michael Kors and Ralph Lauren noted fewer markdowns on merchandise—a promising sign as they try to wean customers off discounts.
Finally, we’re tracking Foot Locker (FL). The stock is higher on an upgrade to overweight at Morgan Stanley. They set a $65 price target for shares, saying that the athletic wear retailer can hold its own against Amazon (AMZN), since less than 5% of Foot Locker’s top 200 selling shoes are on Amazon.
For more on the big stock movers of the day, check out The Final Round, starting at 3:55 p.m. Eastern right here on Yahoo Finance.