Jefferies analyst Randal Konik downgraded Fossil Group (FOSL) to Hold citing slowing category trends and rising competition from the likes of Apple (AAPL) and Fitbit (FIT). The watch category has "slowed dramatically" from its once double-digit growth rate to a low-single percentage growth rate expected over the next few years, Konik tells investors in a research note. In addition, the Apple Watch and other digital competitors like Fitbit are growing in popularity, the analyst contends. He cut his price target for Fossil shares to $40 from $68. The stock closed Thursday down 57c to $36.56.

Apple saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link