Michael Kors Holdings Ltd (NYSE: KORS) shares are trading lower by $4.70 (9.5 percent) at $47.06 in Friday's session. Although the company posted a Q2 beat of $0.07 with in-line sales, the Street is focusing on it lowered guidance for Q3 as well as FY 2017.

After a lower open, it managed a rally to $49.97 before continuing its move lower. The ensuing decline has taken the issue to $46.74 and has rebounded back into the $47 handle. So far, the rebound has been capped at $47.39.

If the decline continues, there may be additional support at the trio of lows from ($46.52 to $46.64) in mid-October.