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Tapestry (TPR; Baa2/BBB; double Neg) Court proceedings for injunction; day 2

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Capri closed +3.5% (SPX +0.5%) moving the probability priced of beating the FTC to 51%.

Nothing significant on headlines as they debate the concept/existence of a "accessible luxury" market (if established FTC argues TPR+CPRI holds over 50% market share in this niche) - the point has been seen as an uphill battle for the FTC.

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Capri closed +3.5% (SPX +0.5%) moving the probability priced of beating the FTC to 51%.

Nothing significant on headlines as they debate the concept/existence of a "accessible luxury" market (if established FTC argues TPR+CPRI holds over 50% market share in this niche) - the point has been seen as an uphill battle for the FTC.