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.

Key Takeaways The stocks of Tapestry and Capri Holdings moved in opposite directions Thursday after the brands called off a planned merger.Tapestry, which owns Coach and Kate Spade, said it will shift its capital to an expanded stock buyback program.

Fashion companies Capri Holdings Limited and Tapestry -- parent companies behind the Coach and Michael Kors brands -- ended their $8.5 billion merger deal Thursday. The deal was blocked by the Federal Trade Commission.