Earnings ahead, Tapestry-Capri deal blocked - what's moving markets

Investing.com -- US stock futures were muted on Friday as investors assessed a string of corporate earnings and looked ahead to more quarterly results. A US judge blocks a multi-billion dollar merger between luxury groups Tapestry pledges to cut costs after the luxury carmaker reported a steep drop in profits due largely to soft demand in China.On Thursday, the S&P 500 rose by 12 points or 0.2% and the Nasdaq advanced by 139 points or 0.

Following an eight-day trial in New York, Judge Jennifer Rochon ruled in favor of the Federal Trade Commission's call to pause the deal so it can run its own official proceedings. The decision"underscores the huge regulatory pressures facing Corporate America when it comes to M&A with the aggressive antitrust policies at the current FTC/," analysts at Vital Knowledge said.Third-quarter income at Mercedes-Benz more than halved, with the German luxury carmaker highlighting"challenging times" marked by a slumping electric vehicle sales and weak demand in China.

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FTC Blocks Tapestry’s $8.5B Acquisition of CapriThe government’s court victory pauses the deal, which was set to put Michael Kors, Coach and Kate Spade under the same corporate umbrella.
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