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28.08.2019 22:34:00

Why Movado Group, Phibro Animal Health, and Autodesk Slumped Today

Wednesday was a good day on Wall Street overall, as investors reacted favorably to signs of a rebound in the energy sector and broader optimism about economic growth. Yet even though major market benchmarks finished solidly higher, some stocks missed out on the rally due to specific challenges their companies face. Movado Group (NYSE: MOV), Phibro Animal Health (NASDAQ: PAHC), and Autodesk (NASDAQ: ADSK) were among the worst performers. Here's why they did so poorly.Shares of Movado Group fell 15% after the watchmaker announced downbeat earnings results for the second quarter. Revenue growth was solid, with sales rising 9.5% despite headwinds from a strong U.S. dollar. Yet adjusted earnings were down 20% from year-ago levels. Moreover, the company had to update its guidance, citing "reduced visibility into the global retail and economic landscape" in cutting full-year sales and earnings projections. Many investors have hoped that Movado would be able to mount a turnaround, but for now, the tough retail environment makes it unlikely that the watchmaker will be able to recover fully.Image source: Movado Group.Continue reading
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