Michael Kors's Stock On Track For Biggest-ever One-day Plunge

Michael Kors Holdings Ltd.'s stock is in danger of suffering the biggest one-day drop since it went public in December 2011, as the luxury accessories and apparel company's disappointing profit and sales outlook prompted a sharp premarket plunge. The stock tumbled $8.20, or 14% ahead of the open, putting it on course to open at the lowest price since April 22, 2013. Volume ahead of the open was already at 2.5 million shares, or close to 90% of the full-day average, according to FactSet. The previous biggest one-day decline was $6.57, or 8.4% plunge it suffered on Nov. 4, 2014, also after providing a disappointing outlook. At current prices, the stock has tumbled 48% since closing at a record high of $99.84 on Feb. 25, 2014. Deutsche Bank analysts had said on Tuesday, ahead of fiscal first-quarter results, that the company's challenge was to demonstrate to investors that growth is "stable-ish," but the company's disappointing outlook provided on Wednesday suggests that doesn't appear to be the case.