Shares of Kate Spade KATE – NYSE soared more than 23% today when The Wall Street Journal reported the company is exploring a sale.
Bottarelli Research Translation: Even though expiration is still months away, the KATE April 15 calls have already nearly doubled. Originally purchased for $2.00 each, these calls closed [yesterday] worth $3.80. That’s a 90% gain ($1.08 million) in two weeks. According to an analyst on CNBC, Coach COH – NYSE or Michael Kors KORS – NYSE could be potential buyers, and KATE “should be trading in the $20s.” If a deal gets done, look for KATE to keep on rising.
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