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Fossil Group (FOSL) Stock Closed Down on Competitor's Warning

NEW YORK (TheStreet) -- Fossil Group (FOSL) stock closed down 6.55% to $28.66 today after the Swatch Group (SWGAY) CEO criticized the U.S. watch market.

Swatch CEO Nick Hayek said the U.S. faces a weak market due to sluggish local consumption, the Fly reports.

The Swiss watchmaker recently reported preliminary results for the first half of 2016, including a 12% sales decline and 50% drop in earnings. The shortfall could possibly be attributed to lower sales in Hong Kong and parts of Europe, Hayek noted.

Hayek also predicts that the tragic attacks in Nice on Thursday will further weigh on sales estimates, Bloomberg reports. Swatch is...