European stocks dropped sharply on Tuesday, weighed by growing concerns over Greece as talks with its euro zone partners broke down on Monday after Athens rejected a proposal to extend its bailout, reported ‘NASDAQ’.

It is worth to remember that markets in the Old Continent were nervous as Greece's current 240 billion euro bailout is due to expire at the end of the month and the new Greek government does not want it extended. Athens rejected a proposed six-month extension of the bailout on Monday, calling it "unacceptable".

Badly affected by this news, the EURO STOXX 50 lost 1.45 percent, France's CAC 40 plummeted 1.38 percent, while Germany's DAX 30 tumbled 1.40 percent, informed Reuters.

Fossil Group Inc (FOSL) reported lower-than-expected quarterly revenue and profit due to a decline in leather and watch sales in North America, and forecast a 7.5 percent fall in sales in the first quarter. On the wake of the news, the stock shed 13 percent in extended trading.

Net income attributable to Fossil rose to 154.1 million dollars, or 3.00 dollars per share, in the fourth quarter ended January, 3, ahead of the 148.5 million dollars, or 2.68 dollars per share, a year earlier.

Finally, Zacks Euity Research team have their sights set on Nordstrom Inc. (JWN), as the leading fashion retailer is slated to report its fourth-quarter 2014 earnings on Feb 19, after the closing bell. “In the previous quarter, Nordstrom recorded a positive earnings surprise of 2.8 percent,” remind the analysts.

 

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