Stocks quickly turned red this morning as another sharp downturn in crude pulled prices below $48 a barrel. Crude spiraled on worries over global oversupply and increased Libyan production. Michael Kors (KORS) sank after swinging to a fourth-quarter loss and booking a large impairment charge tied to underperforming retail stores. The luxury accessories brand also guided for below-consensus earnings over its first quarter. Tesla (TSLA) was on track to close out the session with new records after securing a new all-time high just last Friday. Anticipation ahead of the beginning of production of its Model 3 sedan has benefited shares. Pending home sales slid in April as tight demand hampered high demand. Sales fell by 1.3%, surprising analysts looking for an increase.
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