3 Up, 3 Down- Week of November 4th
By: Miles J. Bronstein
Michael Kors, Inc. (KORS)-The fashionable clothing retailer announced earnings on Tuesday morning and investors were impressed. With a net income of $145.8 million, or 71 cents a share, Kors’ earnings were up 45 percent from just a year ago. As demand for their rogue products surge, the company has added 83 new stores worldwide, since this time last year. Shares were up more than 5 percent for the week, closing at $79.40 per share on Friday.
CME Group, Inc (CME)- Chicago based financial giant and operator of the Chicago Mercantile Exchange and Chicago Board of Trade, announced earnings Monday morning. The company reported slightly better than expected results, with 75 cents a share or $715 million for the third quarter. CME attributed the boost to an increase in demand for over the counter clearing. Shares were up more than 4 percent for the week.
Bitcoin- The volatile and controversial digital currency hit a new high of $340 this week. As many analysts have noted, the price of a single bitcoin is simply unpredictable, as the digital currency has no inherent value. Nevertheless, early investors in bitcoin, which include the likes of Cameron and Tyler Winklevoss, have seen their bets pay off handsomely; their $11 million dollar investment is now worth over $32 million.
Blackberry Inc. (BBRY)- Shares of the former smartphone giant plunged more than 15 percent this week after the company announced they would no longer seek to be bought and taken private. Instead, the company, formerly known as RIMM, announced the hiring of a new CEO along with the issuance of $1 billion in convertible notes. Just weeks ago, it was reported that Apple and Microsoft were both interested in acquiring Blackberry’s IP patents.
Whole Foods Market, Inc. (WFM)- Share of the natural foods supermarket chain fell throughout the week after it announced earnings on Wednesday and missed revenue expectations for the fourth quarter. Whole Foods reported revenues of $2.98 billion compared to the projections, which expected $3.02 billion. The stock was down more 7.5 percent for the week.
Tesla Motors (TSLA)- The electric car company’s shares were down close to 15 percent this week, costing CEO Elon Musk more than $1 billion. The stock’s plunge was due to worries about earnings and a report of a second fire, started in the engine of the company’s emblematic model S. The stock has gone as high as $194 a share and as low as $29 this year.