Capri tanks on blocked Tapestry deal
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 25 October 2024
⏱️ 5 minutes
🧾️ Download transcript
Summary
Episode transcripts seekingalpha.com/wsb.
Show links:
Berkshire Hathaway's Warren Buffett won't endorse political candidates
Steel union president trying to persuade members on opposition to Nippon Steel deal - Bloomberg
DigitalBridge said to weigh sale of Brazilian hyperscale data center firm Scala
Sign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Friday, October 25th. I'm Julie Morgan. A judge blocks the Capri Tapestry Deal. Spirit Airlines is selling |
| 0:17.8 | nearly two dozen planes, and Iannier gets the green light from the Biden administration. |
| 0:24.7 | Capri Holdings is down 45% in pre-market action after a federal judge blocked its |
| 0:30.4 | 8.5 billion dollar plan sale to tapestry. |
| 0:33.8 | Shares of tapestry are up 13% pre-market. |
| 0:38.3 | A judge put the deal on ice after saying it would be anti-competitive, |
| 0:42.4 | according to a court filing on Thursday. |
| 0:44.8 | The judge granted the Federal Trade Commission's |
| 0:47.0 | motion for a preliminary injunction |
| 0:49.2 | to block the combination. |
| 0:50.6 | The FTC sued to block the handbag deal in April, saying the combination would eliminate competition between coach, Kate Spade, and Michael Coors, specifically in the market for accessible luxury. |
| 1:03.0 | Tapestry and Capri argued that the FTC's market definition of accessible luxury is not a relevant market and that the handbag retailers compete with hundreds of other handbag makers and new |
| 1:15.1 | entrance all the time. |
| 1:16.7 | Tapestry plans to appeal the decision, the company said in a statement. |
| 1:20.8 | Representatives for Capri did not immediately respond to seeking Alpha's requests for comment. |
| 1:27.0 | Spirit Airlines disclosed plans to sell 23 Airbus planes, scale back flight flight capacity and cut jobs to boost liquidity. |
| 1:36.0 | Spirit is up 13% pre-market after closing 21% lower on Thursday. |
| 1:42.8 | The airline plans to sell 23 planes to aviation after market services provider, GA Tellis' |
| 1:49.0 | for about $590 million. |
| 1:52.3 | The jets are planned for delivery starting this month through February of 2025. |
| 1:57.3 | Spirit expects the sale proceeds combined with discharging the aircraft related debt from its balance sheet will benefit its liquidity by around |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Seeking Alpha, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Seeking Alpha and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.