Fossil Shares Tumble After Not Raising Annual Outlook

Shares of Fossil Group tumbled 10% on Wednesday, making it TheStreet's Move of the Day. The company known for its men's and women's watches reported earnings after the closing bell on Tuesday, but it was forward looking guidance that undercut Wall Street expectations. Fossil said it expected 2014 per share earnings of $6.90 to $7.30, while analysts polled by Bloomberg Data expected $7.20. When asked on the earnings call why the company didn't incrementally increase its full-year earnings outlook after exceeding first-quarter expectations, chief financial officer Dennis Secor said: "The large portion of our revenues come towards the end of the year, so we're thinking about the year in roughly the same terms that we were thinking about the year two months ago when we first talked to you." Joe Deaux reports from New York.