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Today's charts: Kate Spade shares plunge; Urban Outfitters drops on downgrade; Ralph Lauren closing flagship NYC store

Yahoo Finance is tracking the retail sector during intraday trading on Tuesday.

Kate Spade (KATE) – Shares are sinking after Reuters reported that the handbag and accessories maker wants time to negotiate a buyout bid from rival Coach (COH). The news is weighing on the stock, with shares sinking 15% as of 12 p.m. ET on Tuesday. Kate Spade reportedly received the offer from Coach last week. There are also reports that Michael Kors (KORS) is interested in a deal with Kate Spade.

Ralph Lauren (RL) – The retailer announced that it is closing its flagship Fifth Avenue Polo store in New York City and plans to reduce its staff. Ralph Lauren expects to incur about $370 million in charges from this decision and save approximately $140 million in annualized expenses. Ralph Lauren’s stock is down about 13% over the past year, compared to the S&P 500’s 14.2% gain.

Urban Outfitters (URBN) – Citi (C) cut its rating on Urban Outfitters, downgrading the retailer to neutral from buy and lowering its price target on the stock to $23. The firm noted weak traffic at its stores as one of the reasons for the downgrade. Urban Outfitters also updated its sales outlook for the first quarter. It now sees comparable sales falling at a mid-single-digit pace. Urban Outfitter’s stock has dropped more than 20% since January 1.

Other decliners in the retail space include Macy’s (M), Abercrombie & Fitch (ANF), New York Company (NWY), Gap (GPS), Nordstrom (JWN), DSW (DSW) and Kohl’s (KSS).

For more on Tuesday’s big stock movers, check out the Final Round, live at 4 p.m. EDT, right here on Yahoo Finance.