Shares of Farfetch Ltd. (FTCH) shot up 16.2% toward a three-month high in morning trading Friday, after Switerland-based luxury goods maker Compagnie Financiere Richemont SA (CFR.EB) said it was in advanced discussions with the software company to boost their partnership. Trading volume swelled to 6.4 million shares, after well above the full-day average of about 3.7 million shares. Farfetch's stock is on track for the biggest once day gain since it ran up 19.4% on June 25, 2020. Meanwhile, the U.S.-listed shares of Richemont jumped 10.3% toward a record. Farfetch's stock has still lost 28.2% year to date, while Richemont shares have soared 61.2% and the S&P 500 has advanced 24.0%.
-Tomi Kilgore