Updated from 11:32 a.m. EDT

Shares of Fossil ( FOSL) were among the Nasdaq's losers Tuesday, falling 22.8% after the company posted first-quarter earnings below Wall Street expectations and warned that second-quarter earnings would be below forecasts.

The watchmaker earned $23.9 million, or 32 cents a share, on sales of $232.5 million. Results included a tax benefit of 13 cents a share. Excluding that benefit, the company would have earned 19 cents a share. Analysts polled by Thomson First Call were expecting earnings of 26 cents a share on sales of $232.5 million.

Looking ahead, Fossil forecast second-quarter earnings of 14 cents a share on sales growth that will be at or slightly below 14%. Analysts had been expecting earnings of 25 cents a share on sales of $236.6 million, or sales growth of about 15%. Fossil said lower sales volumes in its European-based businesses would hurt results. Shares traded down $5.62 to $19.05.

Emmis Communications ( EMMS) rose 19.4% after the radio-station operator announced a big share repurchase plan and said that it may sell some or all of its television assets. Emmis said it would commence a Dutch auction in which it would buy up to 20.25 million shares, or nearly 40% of its stock, at prices ranging from $17.25 to $19.75. The midpoint of the range would represent a 20% premium to Monday's closing price of $15.45.

Separately, Emmis said it hired the Blackstone Group to evaluate strategic alternatives for the company's television assets. The process, according to Emmis, could result in a decision to sell all or a portion of its television properties. "Our decision to explore strategic alternatives for our television assets comes from our ongoing dedication to lowering our debt and putting us in a better position for growth, but also from the recognition that, in order to reach their full potential, our television stations need to be aligned with a company that is larger and more singularly focused on the challenges of American television," the company said. Shares traded up $2.99 to $18.44.

Shares of EGL ( EAGL) fell 13.5% after the transportation company posted first-quarter results that fell short of expectations. The company earned $7.2 million, or 14 cents a share, on sales of $700.7 million. Results included a gain of 6 cents a share for the release of excess funds related to an Equal Employment Opportunity Commission matter and a 4-cent loss related to a higher tax rate caused by operating losses -- mainly in Europe -- and other charges. Analysts were expecting earnings of 19 cents a share on sales of $710 million. A year ago, the company earned $7.3 million, or 15 cents a share, on sales of $584.6 million. Shares traded down $2.71 to $17.30.

Abatix ( ABIX) rose 47.1% after the industrial safety and construction tool company swung to a first-quarter profit. The company earned $198,000, or 12 cents a share, on sales of $14.7 million. A year ago, the company posted a loss of $120,000, or 7 cents a share, on sales of $12 million. Abatix said sales gains were fueled by higher sales to restoration customers in response to weather-related events in California and by manufacturing and construction markets that continue to get better as the economy improves. Shares traded up $2.37 to $7.40.

Shares of Domino's Pizza ( DPZ) rose 5.2% after the pizza maker posted first-quarter results that beat expectations. The company earned $25 million, or 35 cents a share, on sales of $369.7 million. Analysts were expecting earnings of 30 cents a share. A year ago, the company earned $19.7 million, or 28 cents a share, on sales of $318.8 million. Shares traded up 96 cents to $19.27.

NYSE volume leaders included Lucent Technologies ( LU), down 12 cents to $2.80; Elan ( ELN), up 60 cents to $6.90; Pfizer ( PFE), down 31 cents to $27.66; General Electric ( GE), down 40 cents to $35.83; and Nortel Networks ( NT), down 14 cents to $2.47.

Nasdaq volume leaders included Cisco Systems ( CSCO), unchanged at $18.21; Microsoft ( MSFT), down 21 cents to $24.90; Intel ( INTC), down 13 cents to $24.67; Oracle ( ORCL), down 23 cents to $11.52; and Sirius Satellite Radio ( SIRI), down 18 cents to $5.19.

More from Stocks

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

3 Great Stock Market Sectors Millennials Should Invest In

3 Great Stock Market Sectors Millennials Should Invest In

Why Millennials Are Ditching Stocks for ETFs

Why Millennials Are Ditching Stocks for ETFs

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says