By Connor Hart

Tapestry's acquisition of rival Capri was blocked by a federal judge, dealing a blow to the company's intent to create a house of brands including Coach, Kate Spade, Michael Kors, Versace and Jimmy Choo. The judge sided with the Federal Trade Commission, which had sued to block the $8.5 billion deal, citing it would reduce competition and raise prices. Tapestry shares rise 14%, to $50.58, in after-hours trading, while Capri shares tumble 45%, to $22.72.

Spirit Airlines will cut jobs as it scales back its number of flights and sell some of its planes. The budget airline, which is struggling with financial pressures and exploring a bankruptcy filing, identified $80 million of cost-cutting measures that will go into effect early next year, the majority of which it said are layoffs. It will additionally sell 23 aircraft to GA Telesis, an aircraft-maintenance services platform, for about $519 million. Shares rise 9.1%, to $2.64, in postmarket trading.

Mohawk Industries issued weak fourth-quarter guidance and warned that recent U.S. hurricanes would hurt sales. The flooring company said it expected adjusted per-share earnings between $1.77 and $1.87, short of the $2.24 expected by analysts. Chief Executive Jeff Lorberbaum said that recent U.S. hurricanes would dent fourth-quarter sales by up to $40 million, but expects offsetting benefits from rebuilding next year. Shares fall 7.2%, to $141, in after-hours trading.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

October 24, 2024 19:42 ET (23:42 GMT)

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