Even though it's vastly off the highs from Wednesday's open, investors have to be happy with the move. However, there's a lot of losers on Wednesday's move, too. On CNBC's "Mad Dash" segment, TheStreet's Jim Cramer pointed out that 44% of Fossil stock was sold short.
Those sellers were betting that the company would have at least one more "horrendous" report before possibly turning the ship around, Cramer explained. Well, they're getting squeezed today.
The company beat on earnings and revenue expectations, with the former coming in at 67 cents per share, more than 65% ahead of analysts' expectations. Further, comparable-store sales growth of 2% came in far ahead of analysts' forecast for a 6% drop.
(Columnist Jonathan Heller of Real Money, our premium site for active traders, recommended FOSL on Jan. 8 when the stock was trading at just $8.34 a share vs. more than $15 today. Click here for a free trial subscription to Real Money, where you'll get great trading ideas from Heller, Jim Cramer and other experts every trading day.)
The quarter should be a positive read-through for Michael Kors (KORS) as well, which Cramer recently called a "rocket ship."
But another winner? Apple (AAPL) - Get Report . Wearables were amazing for Fossil, as it gave the retailer a big boost in the quarter. Fossil management said the current wearables market of $17 billion should grow to roughly $32 billion by 2020.
What company is the leader in wearables? Why, that would be Apple, with its Apple Watch, pointed out Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.
"You want to buy Apple so badly right into the teeth of this VIX-related bond selloff," if you believe Fossil's forecast, Cramer concluded.
However, some would say there's still massive upside left in Fossil stock. Specifically, one analyst -- who nailed Wednesday move -- says Fossil could rally almost 80%, to $25.
Shares of Apple closed at $167.37, up 1.84 Wednesday. However, Fossil reaccelerated throughout the afternoon, ending higher by 87.72% and closing at $16.97.
At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL.