Shares of Michael Kors wavered between red and green despite a strong earnings report. The luxury retailer said quarterly profits jumped nearly 60 percent thanks to a big in sales across regions. It also gave an upbeat full-year outlook, but warned of margin pressure as it expands aggressively in Europe. Despite the volatility, Michael Kors shares rose more than one percent to $97.
It was a completely different story for shoe retailer DSW. Shares of that stock plunged after the company posted earnings that missed estimates and it cut its full-year earnings forecast. It blamed bad weather and an aggressively promotional environment for the miss. The stock tumbled 27 percent to $23.62.
Today investors got a chance to react to a new rating on Tesla’s stock. Standard & Poor’s labeled Tesla a vulnerable investment and gave it an unsolicited non-investment grade corporate debt rating of a B-. The ratings service cited the automakers narrow product focus and concentrated production footprint. Shares of Tesla were off a fraction to $210.24.
Shareholders of Chevron rejected a proposal to split the roles of chairman and chief executive. Both positions are currently held by John Watson. Shareholders also voted against a non-binding say on executive compensation and a proposal that would have required Chevron to disclose more fracking information. Shares fell slightly to $122.52.
Koch Industries will take PetroLogistics private in a deal worth more than $2 billion. This will give Koch control of a plant that can convert cheap U.S. shale into Propylene, which is a key ingredient in plastic. Shares of PetroLogistics surged up more than 10.5 percent to $14.30.
Shares of Vivus popped on news the company’s biggest shareholder Aspen Investment Fund is planning to offer to buy the company for $640 million. Aspen reported a nearly 10 percent stake in the drug maker today and said it plans to submit a non-binding buyout offer in June. Vivus was up six percent to $4.95.