Diamonds and Dogs
Fossil Group (FOSL) is having a good day. The watch and apparel maker is jumping 25% following strong earnings. Fossil earned 31 cents a share after reporting a loss of 51 cents in the same quarter a year ago. Sales fell 19% to $435 million but were projected to decline of 35% to 45% in the period. Strong digital sales and strong growth on mainland China led the improvement.
Fox Corp (FOXA) having a tough day. The mass media company's stock is down 6% following earnings. Earnings soared 42% beating estimates thanks in part to cost cuts. Sales grew 2% to $2.72 billion ahead of estimates even as the television unit's top-line performance was hurt by a 15% decline in advertising revenues. The company said that lower advertising revenues were reflected in the fewer NFL broadcasts, postponement of college football games at FOX Sports and certain scripted programming at FOX Entertainment as a result of COVID-19 and the absence of the prior year broadcast of the 71st Annual Primetime Emmy Awards.
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