Oct. 16 at 11:50 AM
$FOSL Wow, gotta love this vol. To state the obvious, the company has the required 75% for approval of the restructuring but is unlikely to get 90% for the exchange in the next 9 days. Lessoned learned - never direct sell bonds to retail. Swing traders who bought yesterday will sell, and Q3 ER will not come until after the restructure is finalized later November. There is a lack of catalysts for a month.
The India IPO rumor is a headscratcher. FOSL has a strong business in India and China, most of its international business. The majority of the
$100M cost cuts announced this year is from the move to a distributor model from direct sales outside the US. Either someone started an illegal rumor with intent to manipulate, or Bloomberg got a hold of a filing it was not supposed to.
Buckle up.
