Michael Kors (KORS) Stock Plunges on Retail Weakness

NEW YORK (TheStreet) -- Michael Kors (KORS - Get Report) stock is plummeting 11.74% to $44.04 on heavy trading volume this afternoon, as disappointing earnings reported by rival retailers Fossil (FOSL) and Macy's (M) weigh on shares of the London-based clothing and accessories company.

Fossil's financial results in particular "bode quite poorly" for Michael Kors, Wells Fargo (WFC) analyst Ike Boruchow contends, according to MarketWatch.

Boruchow estimates that Kors's brand accounts for roughly half of Fossil's licensed business, and notes that Fossil's legacy licensed portfolio experienced a year-over-year decline in the...