Michael Kors Holdings Ltd (KORS) Stock Price Plunges 24% As Sales Of Purses And Watches Cool

Shares of Michael Kors Holdings Ltd. (NYSE:KORS) plunged 24 percent Wednesday after the London-based handbag maker's latest earnings release showed that sales cooled during the January-March quarter as tourists eased spending due to a stronger U.S. dollar. The slowdown also reflected a sharp sales decline for the company's watches across the U.S. Michael Kors' stock price tumbled 23.9 percent to a 52-week low of $46.10 in afternoon trading.