Coach Shares Jump on Sale Rumor

It has refused to comment on the report

   

Shares of Coach (NYSE:COH) surged almost 5% in Wednesday morning trading after a media report indicated that the company might be up for sale.

While DealReporter.com published the story, CNBC’s stock analyst Jim Cramer called the report “unfounded.” The company recently recruited Nike‘s (NYSE:NKE) former global creative director Zach Augustine to renovate its stores.

Good Day For Luxury, Lipstick — Tuesday’s IP Market Recap
Good Day For Luxury, Lipstick — Tuesday’s IP Market Recap

Coach has declined to comment on “speculation or rumors” regarding a possible sale, FoxBusiness noted.

Last month, the luxury retailer announced holiday sales that were weaker than expected. It’s CEO Lew Frankfort has announced his intention to resign in January of next year.

The company plans to expand its shoe and clothing offerings, opening a number of “shoe salons.”


Article printed from InvestorPlace Media, http://investorplace.com/2013/02/coach-shares-jump-on-sale-rumor/.

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