Kate Spade (KATE) Stock Higher Following Partnership With Startup Everpurse

NEW YORK (TheStreet) -- Shares of Kate Spade & Co (KATE) are trading higher by 0.76% to $27.70 on heavy volume late afternoon Monday, following the company's partnership with startup Everpurse to create a new collection of Apple (AAPL) iPhone charging bags, according to The Wall Street Journal.

Kate Spade will launch clutches, wristlets, totes and backpacks that feature the ability to charge iPhones directly within the bags, The Journal reports.

The new bags will cost between $198 to $698, and will be available this September, The Journal added.

Chicago-based Everpurse makes purses that charge your smartphone all day without wires. A device can stay charged for up to 96 hours.

The purse sells for $149 and up on its Kickstarter campaign page. In addition to Apple iPhones, Everpurse's products are also compatible with the Samsung (SSNLF) Galaxy S3.

About 1.6 million shares of Kate Spade have exchanged hands as of 3:50 p.m. ET today, compared to its average trading volume of about 1.4 million shares a day.

New York City-based Kate Spade designs and markets accessories and apparel under its two global multichannel lifestyle brands.

Separately, TheStreet Ratings team rates KATE SPADE & CO as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate KATE SPADE & CO (KATE) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and premium valuation."

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