Tapestry, Nike, Apple: 3 Stocks in Focus

Tapestry (TPR) stock is gaining ground after the luxury fashion brand surpassed fiscal fourth-quarter earnings expectations, with revenue growth primarily driven by strong demand for its Coach Tabby bag.

Nike (NKE) shares are on the rise following news that billionaire CEO Bill Ackman's Pershing Square Capital Management has taken a new stake in the sportswear giant.

Apple (AAPL) trending upward after hedge fund Third Point disclosed a new position in the iPhone maker. This investment now places Apple among the firm's top 10 holdings.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Angel Smith

Video Transcript

First up, let's take a look at Tapestry.

Shares are moving to the upside up just about 3%.

The luxury company, fourth quarter earnings and beating the street's expectations.

It was held by coaches tabby bags, which, while other brands like Kate Spade and Stuart Weitzman, struggled with weaker demand out of China.

The company also reiterating its commitment to buy the rival him a handbag and a pair of retailer Capri Holdings.

Remember the FTC suit to block that deal back in April, there's a trial that is set for September.

I also wanna call out some of the trends that we saw in coach because that was a bright spot here for the quarter.

Remember, the company did raise prices here for coach lots of questions about whether or not that was the right move.

But it looks like those higher prices, the increase in the average price of its handbags there really helping to improve profitability here for tapestry.

So again, shares moving to the upside.

All right, let's go to one other area of the closet here with Nike.

Shares are jumping right now.

They're up by about three and a quarter percent of regulatory filing showing Bill Ackman's Pershing Square capital M management taking a new stake in the apparel giant in the second quarter.

Here they are taking a look at shares.

As we mentioned a moment ago, Uh, it seems like this position is worth about $230 million.

That was at least as of the close of June here, um, but continuing to think about how Nike could be a target for an activist campaign at these levels.

Uh, we'll see what Pershing Square looks to do with this new say, uh, and its own position and state within Nike here, if they push for, you know, cuts in marketing, I don't know any any type of activist campaign typically looks for just streamlining any of the shareholder returns.

That was definitely more than 30 seconds, right?

Yes.

OK, sounds good.

Yeah, well, we gotta get a clock a clock, you know, one day, one day.

All right, let's take a look at Apple shares taking higher here at third point, Dan Low but taking a new stake in the company, making one of its top 10 holdings.

That's according to a regular regulatory filing.

He was far from the only one.

You also had Janice Henderson.

They were among the funds here, adding to their position here in Apple.

Remember that this stock had quite a quarter.

Shares were up just about 25% during the second quarter.

When you take a look at some of the buying patterns of these hedge funds aggregated a net buy here of more than 8.5 million shares from hedge funds here during the most recent quarter, so again it might be helping the stock a little bit.

Here in the pre market, you're looking at gains of just about 1%.