Coach Parent Tapestry Stock Soars, Capri Falls as Brands Call Off Merger

Key TakeawaysThe stocks of Tapestry and Capri Holdings moved in opposite directions Thursday after the brands called off a planned merger.Tapestry, which owns Coach and Kate Spade, said it will shift its capital to an expanded stock buyback program.Capri, the owner of Versace and Michael Kors, said it plans to introduce new marketing efforts and refocus its product line to improve sales. Shares of Tapestry (TPR) surged Thursday morning while Capri Holdings (CPRI) stock slipped after the parent companies of ...