Friday's Sales Include Amcor, Tapestry, and Coherent
Some of the luxury goods companies are suffering from tariffs. Tapestry
(TPR) lost 15.71% to close at $95.69 on August 14. This is a sell-off not seen in five years.
The supplier of Kate Spade products posted revenue growth of 8.2% Y/Y to $1.72 billion. The outlook disappointed investors.
Tapestry blamed a slow turnaround for the pressures ahead. Its CEO said the firm needs a strategic and financial “reset” to achieve long-term growth. Profit and revenue pressures will continue this year.
The company reported an unadjusted loss of $517 million. It earned $159.3 million last year.
Amcor (AMCR) lost 11.87% on Thursday to close at $8.76. It recorded revenue of $5.08 billion (+43.5% Y/Y). However, the business faces weaknesses in markets that should demonstrate growth. North America is also a weaker environment, hurt by overall consumer sentiment. Consumers seek value amid tougher market conditions.
Investors should consider a position in this packaging supplier.
Coherent (COHR) lost nearly 20% of its value to close at $91.65. Shares traded at a premium during the sell-off. At a forward P/E of 24.8 times, investors disliked the first-quarter outlook. EPS is up to $1.13 and as low as $0.93. The photonics leader is attractive if the stock price falls by another 10%. Still, bargain hunters might buy the stock before that happens.
