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Omar Venerio
Omar Venerio
Articles (1295) 

US Stock Market Rallies Wednesday

Fossil rises on earnings beat

U.S. stocks are in the green, with the Dow rallying more than 100 points following inflation data, which showed the U.S. Consumer Price Index advanced 0.5% in January, which was above expectations of 0.3%.

Shares of Fossil Group Inc. (NASDAQ:FOSL) rose more than 70% on the back of the company posting its financial results for the fourth quarter. Fossil reported annual net sales declined 4.4% to $920.80 million, while its profit advanced to 67 cents per share. Moreover, the results exceeded analysts’ earnings estimates by 27 cents and revenue expectations by $31.24 million.

Chairman and CEO Kosta Kartsotis said he was pleased the company's strategic initiatives allowed it to achieve long-term profitable growth in its wearables segment.

“This success drove an increase in Fossil watch sales for the second half of the year with positive comps in our direct business during the important holiday quarter," he said. "With wearable launches ahead of holiday, we significantly improved the trajectory for Michael Kors watches and drove a double digit increase in fourth quarter Armani watch sales.”

Gainers

Losers

Global markets

The main European stock markets closed in positive territory. The U.K.'s FTSE 100 gained 0.64%, France's CAC 40 advanced 1.10%, Germany's Dax climbed 1.17% and Spain's Ibex 35 rose 0.37%.

In Asia, Japan's Nikkei 225 lost 0.43% and India’s BSE Sensex retreated 0.42%, while Hong Kong's Hang Seng gained 2.27% and China's SSE Composite increased 0.45%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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Comments

use13usa
Use13usa premium member - 7 months ago

Major typo: Fossil reported annual net sales declined 4.4% to $920.80 billion. Should be MILLION.

Omar Venerio
Omar Venerio premium member - 7 months ago

Hi,

Yes thanks!

Please leave your comment:


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