Shares of Fossil Group Inc. FOSL, +3.82% are up nearly 5% in afternoon trading Thursday after the company announced that it would be selling intellectual property related to in-development smartwatch technology to Alphabet Inc.’s GOOGL, +0.94%GOOG, +0.86% Google for $40 million. The shares were up as much as 10.9% earlier in the day but have given back some of their gains. Fossil said in a release that some members of its research and development team who are focused on this particular IP will move to Google. "Fossil Group retains more than 200 R&D team members to focus on innovation and product development," the release said. Fossil expects the transaction to close this month. Fossil shares have gained 94% in the past 12 months, as the S&P 500 SPX, +1.02% has lost 6.4%.
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