Fossil Shares Hit Rock Bottom After Q2 Miss

Fossil Group Inc FOSL shares are trading lower by $2.69, or 23 percent, at $9.15 in Wednesday's session.

The catalyst for the sharp decline is an adjusted Q2 miss of 15 cents along with a $20 million miss for sales. The company slashed Q3 and FY 2017 EPS and sales guidance.

After a much lower open, Fossil continued in that direction before finally bottoming at $8.37. That exceeds its former all-time low made last June ($8.09). Since reaching that depressed level, it has been on a slow and steady rally, making a new high for the session at $9.19 as of 11:37 a.m. EST.