Guggenheim analyst Robert Drbul named his top stock picks in U.S. retail, starting with Nike (NKE), which is also his Best Idea given its "robust" innovation pipeline ahead of the Summer Olympics. He also lists TJX (TJX), Capri (CPRI) and Revolve Group (RVLV) among his top U.S. retail picks for 2020. Drbul raised his price target on Nike shares to $115 from $110, upped his TJX target to $70 from $68, increased his target on Capri shares to $45 from $40 and keeps a $30 price target on Revolve shares. He has Buy ratings on all four stocks.

Capri Holdings (CPRI) shares could fall to the low-to-mid $20s if Tapestry's (TPR) $57 per share takeover is successfully blocked by the Federal Trade Commission, Yiqin Shen of Bloomberg reports, citing a survey of 20 merger-arbitrage specialists. The survey, conducted on Tuesday, focuses on merger-arbitrage estimates on the Capri's downside price - a level that reflects the stock's fundamental value by the end of 2024, when the outcome of the FTC's challenge is expected to be either upheld or overturned in court, Shen notes. Shares of Capri Holdings are down 5% to $34.81 in midday trading.