Fossil Group Soars on Earnings Beat And Deals With Fashion Brands

Shares of Fossil Group (FOSL) jumped on upbeat earnings results and some new deals with fashion brands on Wednesday, making it TheStreet's Move of the Day. The watch maker topped analysts' estimates for the third quarter in earnings and revenue. It also authorized a $1 billion dollar repurchase program. Fossil Group announced that it has launched a new watch collection under the Tory Burch fashion brand. This isn't the first partnership for the watch company, as it has been working with Michael Kors Holdings Ltd (KORS) since 2004 to make watches under the Michael Kors label. The two companies renewed their global licensing agreement, and are now collaborating to grow the men's watch business. Shares of Fossil Group closed higher after about 4.9 million shares traded hands, which is more than five times its average trading volume.