Tapestry Inc (NYSE: TPR) is down 9.9% at $15.34 after the Coach parent's fiscal third-quarter report gave investors another look at the devastating impact the coronavirus pandemic has had on the retail sector. The company posted losses per share of 27 cents, missing analyst estimates and marking the luxury retailer's first adjusted quarterly loss in nearly 20 years. Tapestry did add that it will begin to reopen some of its North American stores next month, while business at its reopened stores in China is showing gradual improvement. 

Tapestry's fiscal third-quarter results gave investors yet another taste of how hard the retail sector has fallen

Analysts have yet to chime in, though the majority of the brokerage bunch is already lukewarm on TPR. Of the 21 covering the stock, 14 call it a tepid "hold," compared to seven saying "buy" or better. The consensus 12-month price target of $20.79 is a 23% premium to last night's close. 

While Tapestry tried to join the broad market rally this month, several of the attempts were thwarted by the $16 level. TPR did break north of this region during yesterday's trading, landing right on top of its 50-day moving average for the first time since late-February. The stock is back below this trendline today, however, though still staring at a roughly 20% monthly win. 

Unsurprisingly, options bears have been sniffing out TPR. The stock sports a 50-day put/call volume ratio of 1.08 at the International Securities Exchange (ISE), Cboe Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits higher than 97% of all other readings from the past year, suggesting a much healthier-than-usual appetite for long calls of late.