Earlier Monday EST, word spread that Michael Kors (NYSE:KORS) has been in talks to buy Versace Group for $2.4 billion. That news caused KORS stock to plunge by more than 8 to $66.73 a share. As of midday, the stock managed to defend its 200-day moving average around $66.
Key Support
A close below this key support will trigger another leg lower for KORS. The next major support for the stock is around the $59.50 area, which is where it was defended in June 2018 and will likely be defended again when retested.