“Fossil said late Thursday that it was acquiring Fitbit rival Misfit, but concerns about the impact of the Apple Watch and other wearables sent the watchmaker’s stock crashing to a five-year low,” Elaine Low reports for Investor’s Business Daily.
“Fossil, which launched its first connected-accessories line last month, said the $260 million Misfit buy will help position it to “win the connected consumer.” But the acquisition was not enough to win over analysts,” Low reports. “Jefferies analyst Randal Konik slashed his price target to 68 from 90. While he remains bullish on the company’s long-term story, several factors — including licensed-watch portfolio weakness and a ‘continued wall of worry over the Apple Watch’ — prompted the cut.”
Low reports, “Cowen analyst Oliver Chen lowered his price target to 42 from 51 on further ‘downside potential.'”
Read more in the full article here.
MacDailyNews Take: One year ago to the day:
Fossil is soon to discover just how aptly they’re named. — MacDailyNews Take, November 13, 2014
SEE ALSO:
Watchmaker Fossil to buy Misfit fitness tracker maker for $260 million – November 12, 2015
Marc Newson: Apple Watch a similar game-changer to iPhone – November 10, 2015
Apple has already sold more than $1.7 billion worth of Apple Watches – October 29, 2015
Strategy Analytics: Apple Watch sells 4.5 million units in Q315, takes 74% global smartwatch market share – October 28, 2015
Apple Watch users are abandoning traditional watches – September 15, 2015
Over 1 million Apple Watches already sold in China – September 3, 2015
Apple Watch already dominates smart-wearables market, says IDC – August 28, 2015
IDC estimates Apple sold 3.6 million Apple Watch units in Q2 – August 27, 2015
Best Buy CEO: Apple Watch demand is ‘so strong’ that we’re expanding sales to all 1,050 stores – August 25, 2015
Swiss watch exports decline most since 2009 – August 20, 2015
Apple Watch takes 88% of total smartwatch revenue – August 14, 2015
Fossil already under pressure from revolutionary Apple Watch – August 12, 2015
Salesforce showcases 20 enterprise apps for revolutionary Apple Watch – August 12, 2015
Apple Watch kills a entire industry in three months – August 12, 2015
U.S. wristwatch sales post biggest drop in seven years after Apple Watch debut – August 7, 2015
Apple Watch dominates smartwatches with 75% market share – July 28, 2015
Juniper Research: Apple is world’s #1 smartwatch maker – July 23, 2015
Canalys: Apple ships 4.2 million Apple Watches in Q2 to become world’s top wearables vendor – July 21, 2015
Apple Watch satisfaction is unprecedented at 97%; beats original iPhone and iPad – July 20, 2015
Non-techies love their Apple Watches even more than tech users – July 20, 2015
Apple Watch is Apple’s most successful product debut ever – June 1, 2015
Analyst sees Apple Watch threat to Fossil ‘becoming real’ – April 20, 2015
Apple Watch Edition is poised to disrupt the classic Swiss watch – April 16, 2015
The Apple Watch’s beautiful face is also its fatal flaw – says Fossil exec – March 6, 2015
Enjoy it while it lasts, Fossil – Apple Watch looms – November 13, 2014
Barclays: Apple Watch could crush companies like Fossil – September 16, 2014
Apple Watch, the world’s first real smart watch, will be a massive hit – September 9, 2014
3-2-1- poof. they’re gone
sold all my fossil shares a couple years back when Apple Watch was rumoured.
The Apple haters never believed me when I said the Apple Watch would disrupt the traditional watch industry.
Interesting headline – designed to give the impression that their is a problem with the Apple Watch vs what the article actually says. Either intentional by the HL writer OR incompetetent writing.