Stock futures were down sharply following and unexpected drop of 0.9% in second-quarter productivity and ahead of wholesale inventories and the Federal Reserve meeting later today.

Here are some early-market movers for Tuesday. 

Fossil Inc (NASDAQ: FOSL)

Shares of the fashion company jumped 8.3% in pre-market trading after beating second-quarter estimates with earnings of 80 cents per share on revenue of $412.6 million. Analysts had been expecting earnings of 34 cents per share and revenue of $382.35 million. 

MBIA Inc (NYSE: MBI) 

Late Monday, the financial insurer posted a 44% increase in earnings from last year with $6.32 per share on revenue of $2.1 billion. Shares gained 6.2% in pre-market trading Tuesday. 

Penwest Pharmaceuticals (NASDAQ: PPCO)

The company announced late Monday it will be acquired by Endo Pharmaceuticals for $5.00 per share in a deal values at $168 million. Shares gained 5.5% in pre-market trading Tuesday.

Novell Inc (NASDAQ: NOVL) 

The software company revised third-quarter guidance lower now expecting revenue between $197 and $199 million while the Street is looking for $207.06 million. Shares slipped 13% in pre-market trading. 

AgFeed Industries Inc (NASDAQ: FEED) 

Shares of the Chinese agriculture company slumped 10.1% in pre-market trading after the company reported a second-quarter loss of seven cents per share on revenue of $37.7 million. 

Capital Product Partners (NASDAQ: CPLP) 

The international tanker company announced it would offer 5.5 million common shares in a public offering. Shares dipped 8% in pre-market trading.