MOV - Why Movado Stock Jumped 7% Today
Shares of Movado Group (NYSE: MOV) jumped by as much as 13% in early trading on Thursday morning before settling back to a 7% increase as of 11 a.m. ET. The S&P 500 was up by 0.6% at that point of the session. The share price moved in response to the company's fiscal 2022 fourth-quarter earnings update, which included a bright outlook for the coming fiscal year.
The surge erased some of the declines that the stock has endured in recent weeks, but the maker of watches and accessories is still down overall year to date.
Sales rose 17% during the holiday quarter, which ended Jan. 31, to keep revenue in record territory. Movado noted strong demand through its retailing partners and on its own e-commerce platform.
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Why Movado Stock Jumped 7% Today