To be honest, I am NOT surprised.
For many days before earnings we saw much higher that average volume ticking up & enormous call volume. I believe along with mutual fund mgrs, many short term hedge funds were speculating KORS earnings will be blowout as usual, which they were.
So these short term funds making anywhere from 15-20% in a few days took their profits which is fine.
It's only common sense but with the great earnings & future guidance, what mutual fund mgr or long term investor would sell after such fantastic news?
There aren't that many solid companies out their that are showing this continous growth.
As the say 'Every storm runs out of rain" we perhaps will run out of the short term profit takers & then we will see this really take off.