Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Fossil Group Inc FOSL shares were trading lower by $19.00 at $80.32 in Wednesday's session. The catalyst for the decline is a Q4 miss of $0.07 ($3.00 vs. $3.07 estimates) on lower-than-expected revenue ($1.06 billion vs. $1.12 billion estimates). That marks for the first miss for the company in at least two years.
After ending Tuesday;s session at $99.32, it immediately shed $13.00 on the first reaction to the disappointing report. When after-hours trading concluded at 8:00 p.m. EST, the issue closed at $86.39.
Upon the resumption of pre-market trading, the bloodshed continued with it resting at $84.24 before the opening bell. After a brief rally to $84.98, it tanked to $80.03 and has only been able to rebound to $81.36 so far.
The current low puts the issue at its lowest level since November 2012 when it bottomed at $78.75 in November 2012.
Fossil Group is now off nearly 30 percent since peaking on the first day of the 2015 at $112.06.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
