Fifty-two years ago this month, Gerry Grinberg and his family escaped from Fidel Castro’s Cuba just days after being confined for eight hours and told he would be executed.
At age 15, he found an alarm clock for his boss from a friend. He bought the clock for $18 and sold it for $18. His boss was thrilled and asked for four more, but this time Grinberg said he wanted to make a profit -- and sold the clock for $19.
Grinberg built Movado (MOV) into a legendary business with an assortment of brands today that include:
Over the last four quarters, the company beat the street by 167%, 167%, 51% and 200%.
The stock was already edging higher after Fossil (FOSL) posted great numbers, but the volume on this stock over the last few sessions has really been great. It’s broken through major breakout above $30.
When Fossil posted that great earnings report we should have looked at MOV immediately. It was a successful trade before and pulled back from double top after FOSL missed three months earlier. The arrow below shows the buy signal - breaking the series of lower highs on strong volume. I saw volume last week and noticed it wanted to breakout, but $30.00 was huge.
Charles Payne joined FOX Business Network (FBN) in October 2007 as a contributor.