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Uncategorized / April 13, 2017

Kate Spade shares soared 23 percent to $17.86 at the close in New York, the biggest gain since October 2011. The stock pared its losses for the year and is now little changed, up half a percent.Emily Garbaccio, a spokeswoman for Kate Spade, declined to confirm or deny the Dow Jones report, saying in an email that the company doesn’t comment “on industry rumors or speculation.”Caerus Investors founder and Chief Investment Officer Ward Davis said he wasn’t aware of any moves Kate Spade is taking toward a possible sale, though would support such a process. The hedge fund company’s engagement with the board “has been constructive,” he said. Last month, Caerus sent a letter to Kate Spade saying shareholders were “incredibly frustrated” with its performance and that investors would be better off if it was sold to an acquirer who could better manage the business. Caerus has said it first invested in Kate Spade in 2009, when it was owned by parent company Liz Claiborne. It didn’t disclose the size of its stake. Like competitors Coach and Michael Kors, Kate Spade has been working to reduce its reliance on promotions and sell more products at full price to maintain its…