US Stock Market Move | The merger deal with Capri has been terminated and Tapestry (TPR.US) surges over 11%.

On Thursday, Tapestry (TPR.US) opened up over 11%, with its stock reaching a ten-year high of $57.15. On the news front, the American fashion luxury group Capri Holdings (CPRI.US) and Tapestry have agreed to terminate their $8.5 billion merger deal. Both companies stated in a joint statement: "Capri and Tapestry have mutually agreed that terminating the merger agreement at this time is in the best interests of both companies, as the outcome of legal proceedings is uncertain, and it is unlikely to be resolved before February 10, 2025."