Shares of Michael Kors Holdings (NYSE:KORS) surged more than 16 percent Tuesday morning. The company reported a fiscal third-quarter profit of $32 million (20 cents per share), compared to $21.8 million (16 cents per share) in the previous year.
Bank of America Corp. (NYSE:BAC) shares dropped 1.6 percent after receiving a downgrade from Citigroup (NYSE:C). Analyst Keith Horowitz cut the bank’s rating from buy to neutral. Shares of Goldman Sachs (NYSE:GS) and J.P. Morgan (NYSE:JPM) also declined.
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Masco Corp. (NYSE:MAS) shares dropped more than 6 percent after reporting a fourth quarter loss of $1.65 per share. “Our performance in 2011 was challenged by commodity cost volatility, a competitive retail environment, a flat housing environment in North America and difficult economic conditions in Europe” said Masco’s President and CEO, Tim Wadhams. “Despite these headwinds, we continued to: strengthen our leading brand positions, including the introduction of new products and programs; improve our cost structure and productivity; invest in future growth opportunities and improve our working capital management.”
Avon Products Inc. (NYSE:AVP) fell 4.5 percent after reporting a fourth quarter loss of $400,000, compared to a profit of $230 million last year. “While 2012 is a year of transition and we are not planning for margin recovery, our priorities are to improve top-line performance, cost management, and cash generation,” said Andrea Jung, chief executive and chairman. Other multi-level marketing companies such as Herbalife (NYSE:HLF) edged higher, while Tupperware Brands (NYSE:TUP) edged lower.
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