Shares of Coach and Kate Spade parent Tapestry jumped Thursday morning while those of Michael Kors and Versace owner Capri Holdings fell after they called off their planned merger over ongoing legal challenges.

Tapestry Inc.’ stock jumped 6.8% early Thursday, while Capri Holdings Inc.’s stock fell about 4%, after Tapestry said it’s terminating its $8.5 billion merger agreement with its smaller rival.

Tapestry is terminating its $8.5 billion deal to buy Michael Kors owner Capri following a legal hurdle, the companies said on Thursday, ending their effort to create a U.S. luxury giant to compete with major European players.

Claudio Ranieri has been appointed as the new the head coach of Roma. The Athletic reported earlier this week that Ranieri was in talks to take over at the Serie A side, having previously announced his retirement from coaching after steering Cagliari to safety at the end of last season.

Claudio Ranieri was named Roma’s third coach of the season on Thursday, taking over for the fired Ivan Juric at the crisis-hit club. It’s the 73-year-old Ranieri’s third time coaching his hometown club,