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15.08.2019 22:33:27

Why Tapestry, General Electric, and Canopy Growth Slumped Today

Thursday was a roller-coaster ride for the major indexes, with significant swings up and down. Elevated volatility wasn't too much of a surprise following the beating stocks took on Wednesday, when the S&P 500 plunged nearly 3%. While most market benchmarks finished higher today, some stocks were hit hard by their own issues. Tapestry (NYSE: TPR), General Electric (NYSE: GE), and Canopy Growth (NYSE: CGC) all posted losses. Here's what happened.Shares of Tapestry, the company behind the Coach, Kate Spade, and Stuart Weitzman luxury brands, plummeted 22.6% in the wake of a somewhat disappointing fiscal fourth-quarter report. Tapestry managed to grow total revenue by 2% from the prior-year period, beating analyst estimates, but its Kate Spade brand struggled.Image source: Getty Images.Continue reading
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