Michael Kors buys Jimmy Choo, Barnes & Noble surges on sale talk, Under Armour gets downgraded

Here’s a look at some of the stocks the Yahoo Finance team will be watching for you today.

McDonald’s (MCD) shares were sharply higher in early trading. The fast food giant reported better-than-expected earnings and revenue for last quarter as promotions and new menu items helped boost sales at home and overseas.

Caterpillar (CAT) shares also gained ground this morning. The construction and mining equipment giant lifted its outlook for the year after forking over a beat on both its top and bottom lines for the second quarter as it saw demand for construction equipment improve and its cost cutting efforts paid off.

Michael Kors (KORS) is buying high-end shoemaker Jimmy Choo (CHOO.L) for $1.2 billion. Buying Jimmy Choo may pump new life into Michael Kors, which is closing stores as it struggles with slowing sales of handbags. European investment fund JAB Holdings put Jimmy Choo up for sale in April. Shares of Jimmy Choo rose on the news in London trading.

Barnes & Noble (BKS) may be going up for sale. Shares of the bookstore chain are soaring this morning following news that activist shareholder Sandell Asset Management is pressuring the company to put itself on the auction block. Sandell believes that private equity firms would be interested in buying Barnes & Noble for $12 a share or more.

And Under Armour (UA) stock fell on Tuesday morning after Deutsche Bank turned bearish on the athletic apparel maker, lowering its rating on the stock to sell from hold with a price target of $17 a share. The firm is citing a “difficult and promotional” selling environment for the downgrade. Under Armour is scheduled to report earnings next week.

 

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