The giant upward swing in shares of Fossil (FOSL +32.1%) is a result of a bout of short covering...

|By:, SA News Editor

The giant upward swing in shares of Fossil (FOSL +32.1%) is a result of a bout of short covering after the firm's Q2 report beat consensus estimates, according to analysts. The retailer overcame Europe sluggishness to kick up 23% more in watch sales than a year ago and strengthened its direct-to-consumer business. With short interest on FOSL at 4.061M shares, the numbers were good enough to catch at least a few traders napping.