Kate Spade (KATE): The women's fashion and accessory brand dramatically reversing lower today despite reporting a jump in revenue in the second quarter driven by rising customer demand for Kate Spade handbags and accessories. On the negative side, the retailer also said its margins narrowed, driven by discounting due to excess inventory at its lower-priced Kate Spade Saturday brand, as well as outlook that disappointed. Former CEO William McComb had changed the company's focus by emphasizing the Kate Spade brand and dropping others, like Lucky Brand and Juicy Couture, in the last few years.
JPMorgan (JPM): The biggest U.S. bank is trending today after announcing its going to get a bit smaller. The bank is going to sell around half its stake in the portfolio of One Equity Partners, its buyout division, to Lexington Partners and a unit of Carlyle Group. According to Dow Jones, the deal values JPMorgan's stake at about $2 billion. JPMorgan inherited One Equity as part of its 2004 acquisition of Bank One.
Intercept Pharmceuticals (ICPT): Shares of the biotech company are surging after it released results on Monday night of a highly anticipated clinical trial. The trial showed that an experimental liver-disease drug may have had a more benign effect on patients’ cholesterol levels than initially thought. The positive data was for a drug designed to treat a liver disease called nonalcoholic steatohepatitis, also known as "NASH."
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