Ok, so the analyst were right, they downgraded the stock because there was an issue with margins. We get that and KORS dropped from $103 to $92 to $82 based on these downgrades.
So now, the its confirmed that the margins were bad, wasn't the stock already down 20% based on the downgrades?
KORS usually sandbags the earnings numbers. The difference this time is that the market is taking the future guidance at face value. The guidance is viewed as "down" so the market responded accordingly.