Shares of the fine watch company Movado (MOV) are also down, 2.03% to $36.16, after Apple's presentation at its launch event.
However, a spokesman for Swatch Group (SWGAY) CEO Nick Hayek said the smartwatches are an opportunity and not a threat. That statement was in response to Apple design head Joney Ive's comment that the iWatch would be "trouble" for traditional watchmakers in Europe, MarketWatch reports.
Separately, TheStreet Ratings team rates FOSSIL GROUP INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate FOSSIL GROUP INC (FOSL) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, reasonable valuation levels, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows: