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Tapestry (TPR; Baa2/BBB; double Neg) Court proceedings for injunction; day 4

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Capri closed -3% vs. SPX +0.8%, prob. priced of beating the FTC is 55%.

It'll be awkward day in Capri offices after emails from head of Michael Kors (70% of group) appeared in court; "U.S. is a disaster and this is all because of JI trying to maintain top line with discounting all day long versus refocusing on creating brand heat". JI here refers to the Group CEO. We don't see anything of a mover for fundamentals in headlines - echoed in equity moves. Closing arguments are reportedly set for 30th of Sept.

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Capri closed -3% vs. SPX +0.8%, prob. priced of beating the FTC is 55%.

It'll be awkward day in Capri offices after emails from head of Michael Kors (70% of group) appeared in court; "U.S. is a disaster and this is all because of JI trying to maintain top line with discounting all day long versus refocusing on creating brand heat". JI here refers to the Group CEO. We don't see anything of a mover for fundamentals in headlines - echoed in equity moves. Closing arguments are reportedly set for 30th of Sept.