Michael Kors Lower As Lowered Guidance Overrides Q4 Beat

Michael Kors Holdings Ltd KORS shares are trading lower by $3.65 (down 10 percent) at $33.07 in Wednesday's session. Before the open, the company reported a fourth-quarter EPS beat of $0.03 along with a slight revenue beat. However, the Street is focusing on its much lower guidance for Q1 and fiscal year 2018 EPS and sales.

After a lower open, it had a brief spike to $33,85 before continuing its move lower. So far, the ensuing decline has taken the issue to $32.55 and is now attempting to remain in the $33.00 handle.

The issue is now trading at levels not seen since February 2012, when it bottomed at $30.76.