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BREAKING- Shocking Move in Coach Stock Continuing in Early Trading

Shares of Coach (NYSE: COH) are down another 2.5% in early trading Friday. The luxury retailer has seen shares slump 15 percent in the past month. The stock was downgraded today by William Blair citing the company’s reorganization plan that doesn’t have the street convinced.

Yesterday’s 9% drop came after the company said that it would see a double-digit percentage drop in its full-year fiscal 2014 revenue.

Technically, the stock is well below all major moving averages and has no strong support levels in the recent past. Investors are advised to steer clear until the selling pressure subsides and the stock forms a base or reverses course. Even then, a short term trade is best.

Disclosure: At the time of this writing, Tim Parker had no position in the company mentioned.

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