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The top stocks to watch today (Tuesday, Feb. 7, 2017) include a clothing designer, an automobile manufacturer, and a fitness device provider.
Three U.S. economic reports are going to play a big role in the markets today: trade balance, JOLTS, and consumer credit.
Here are the three top stocks to watch today and why they're today's top movers…
Top Stocks to Watch Today No. 3: Michael Kors Holdings Ltd. (NYSE: KORS)
Michael Kors Holdings Ltd. (NYSE: KORS) is getting hammered after barely missing sales expectations.
Michael Kors stock is down almost 10% in early morning trading. The company announced earnings this morning at 8:00 a.m.
Earnings per share (EPS) were $1.64, up from the same quarter the year before at EPS of $1.59. Expectations for this quarter's EPS were $1.63.
Sales came in at $1.35 billion, below the forecast $1.36 billion. Last year sales were $1.4 billion.
The real cause for concern for investors is that same-store sales were down 6.9%. The expected decline was only 5.1%.
KORS stock is currently trading at $41.28 for a loss of 4% year to date (YTD).
Top Stocks to Watch Today No. 2: General Motors Co. (NYSE: GM)
General Motors Co. (NYSE: GM) reported positive growth and an even more positive outlook for 2017.
General Motors stock is up 1.5% in early morning trading after announcing EPS of $6.00 for the year.
Revenue is up 9.2% over 2015.
The biggest bright spot for the company is the increasingly profitable North American market. The second area of importance is South America. GM cut losses by almost half in this market from 2015 to 2016. South America will be a market to watch for 2017.
GM stock is currently trading at $36.83 for a YTD gain of 5.7%.
Top Stocks to Watch Today No. 1: Fitbit Inc. (NYSE: FIT)
Fitbit Inc. (NYSE: FIT) is facing a criminal probe into ongoing allegations from Jawbone Co.
Fitbit stock is down almost 2% in early morning trading after allegations that the company stole trade secrets from Jawbone.
The legal battle between the two companies started back in May 2015. In October 2016, the U.S. International Trade Commission threw out the suit.
Jawbone is arguing that the agency overstepped its bounds when it ruled in favor of former employees.
A hearing is scheduled for Feb. 15, and Fitbit is seeking to get the case dismissed.
FIT stock is currently trading at $5.95 for a loss of almost 19% YTD.
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- Market Watch: Michael Kors Sales Weaker Than Expected
- The Detroit News: GM Announces Strong Revenue Growth
- Bloomberg: Jawbone Takes Fitbit Back to Court