Movado Clocked After Q4 Reprot And Lower Guidance

Movado Group, Inc MOV shares are trading lower by $2.44 at $27.90 in Thursday's session. After reporting a Q4 beat of a penny, with slightly better sales, a dividend increase from $0.11 to $0.13 and 50 million buyback plan, the Street is instead focusing on its much lower FY 2017 guidance.

After a lower open, it rallied back and found resistance just above Wednesday's low ($29.40), reaching $29.56 before resuming its decline. So far, it has found intraday support at $27.01 and rebounded back into the upper $27 handle. The current low coincides with its February 22 low ($26.98).