Kate Spade Soars on Acquistion Rumors

Shares of Kate Spade (NYSE: KATE) skyrocketed 23% on Wednesday, on a day when trade was halted for a time due to intense volatility. Overall, 22.7 million shares were traded, compared to an average daily volume of 2.9 million for the stock. That surge was caused by reports that the handbag maker had been contacted by potential buyers interested in exploring a sale.