Kate Spade & Co KATE shares are trading lower by $0.40 (2 percent) at $17.46 in Thursday's session. The issue gained $3.35 on Wednesday ($14.51 to $17.86) on the heels of takeover chatter.
However, as of 11:00 a.m. ET, no potential suitor has come forward. As a result, the issue has turned lower on the session.
After a lower open, it was unable to clear Wednesday's close ($17.86), only reaching $17.70 before continuing its move lower. At this time, it has found intra-day support at $17.16 and has rebounded back into the mid-$17 handle.
If no deal materializes soon, the issue is in danger of falling back to the $14.50 area as that was the area it rallied from when the original rumors surfaced.
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