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.

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