VIDEO When the economy is humming along on all cylinders like it is now, people tend to splurge on a bit on purchases. That means luxury items see increased demand. Watches are certainly on that list. Go try and find a new Rolex submariner at your local jeweler and you’ll see what I mean. That’s helping companies like Signet Jewelers ( beat earnings and it’s also helping today’s Bull of the Day, SIG - Free Report) Movado Group ( MOV - Free Report) . Movado Group, Inc. designs, develops, sources, markets, and distributes fine watches in the United States and internationally. The company operates in two segments, Wholesale and Retail. The company offers its watches under the Coach, Concord, Ebel, Olivia Burton, Rebecca Minkoff and Uri Minkoff, Scuderia Ferrari, HUGO BOSS, Juicy Couture, Lacoste, Movado, and Tommy Hilfiger brand names. The stock is currently a Zack Rank #1 (Strong Buy) in an industry that’s rocking out in the Top 4% of our Zacks Industry Rank. The reason for the favorable Zacks Rank lies in the change to current year estimates. Over the last week alone, analysts have pushed up their earnings estimates for the stock. The bullish moves have increased our Zacks Consensus Estimate from $2.41 to $2.52 for the current year. That reflects year-over-year growth of 26%. This is on the heels of a disappointing move following its last earnings report, the stock has come down considerably. The stock went from $52 to under $42 in only three trading sessions. It’s still trading above its 200-day moving average which is down at $39.09. There’s a saying us technicians have that says, “Gaps get filled.” There was a huge gap up on the May earnings report which just got filled following this most recent report. I wouldn’t be surprised to see the stock crawl back into that gap range over the next few weeks.
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