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Swatch Watches Take Financial Hit

Living the life of luxury has become a bit more difficult around the world—and luxury brands are feeling the pain. Swiss watchmaker Swatch, which creates higher-end timepieces from its Tissot and Omega brands, is the latest to take the hit. Its shares fell off a cliff after CEO Nick Hayek let it be known that earnings in the first half of the year were down 50% to 60%.

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