Diamonds and Dogs
With today's dog, your watch might actually become a fossil. Fossil Group (FOSL) fell over 33% following disappointing full year guidance. The company specializes in making and distributing fashion accessories such as watches, jewelry, handbags, and much more. The company actually beat 3Q estimates, but lowered their outlook for the year by nearly half. The company is blaming currency headwinds for the disappointing results. On the bright side though Fossil announced that it will be acquiring Misfit Inc. who is a leader and innovator for technology known for manufacturing fashionable connected accessories. The company also launched a new website during the quarter and a new product line called the Fossil Q. Let's hope the 2016 is better for Fossil and the whole retail sector.
Not many diamonds today, but Mylan (MYL) is up 13% after losing out on a hostile takeover of generic drug maker, Perrigo. Mylan took their offer right to the shareholders, but received less than 40% of the Perrigo shareholders to tender the offer. The good news for Mylan is not only do they not have to pay for this $26 billion deal, but they also confirmed they expect to make their earnings target of $6 per share while hinting that earnings could be higher than what analysts expect. Even with today's run up, Mylan is still down over 50% since the June highs so let's hope for Mylan shareholders there is more upside to year end and 2016.