Michael Kors, General Motors, Teva Pharmaceutical News Today

Michael Kors Holdings Ltd (KORS), General Motors Company (GM), and Teva Pharmaceutical Industries Ltd (ADR) (TEVA) are making headlines today

Feb 7, 2017 at 10:10 AM
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U.S. stocks are higher, as traders look digest the latest round of earnings. Among specific equities in focus are retailer Michael Kors Holdings Ltd (NYSE:KORS), automaker General Motors Company (NYSE:GM), and biotech stock Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA). Here's a quick look at what's driving KORS, GM, and TEVA shares.

Michael Kors Plummets After Earnings

KORS is down 14% at $35.52 -- and just off a new annual low of $35.12 -- after the company delivered an earnings miss. In addition to disappointing quarterly results, KORS also lowered its current-quarter forecast, anticipating lower wholesale shipments and weakness in North America and Europe. Today's drop has the shares down more than 29% year-over-year, but wasn't totally unexpected for options traders, with Michael Kors Holdings Ltd's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) of 1.91 sitting just 6 percentage points from an annual peak.

General Motors Slips On Mixed Earnings

GM is down 3.5% at $35.55, after the automaker delivered a mixed earnings report. GM still sits up more than 23% year-over-year, however, and the shares have found support in the $35-$36 region since early December. Analysts are still on the fence about General Motors Company, however, with nine of 15 rating the shares a lukewarm "hold" or worse. A round of upgrades could help GM resume its quest for annual highs, should analysts applaud the company's record per-share earnings.

Teva Pharmaceutical Drops As CEO Splits

TEVA is down 3% at $33.30, on news that CEO Erez Vigodman is stepping down from his post. Chairman Yitzhak Peterburg will serve as interim CEO as TEVA leadership searches for a permanent replacement with extensive pharmaceutical-industry experience. TEVA shares have dropped more than 41% year-over-year, and are now within a chip-shot of new 10-year lows. Near-term option players have been unusually put-skewed toward Teva Pharmaceutical Industries Ltd (ADR), with the biotech's Schaeffer's put/call open interest ratio (SOIR) of 1.04 sitting just 4 percentage points from an annual peak.

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