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Technology website VentureBeat said in a report
on Wednesday Apple was working with "at least one partner,
Swatch" on a smartwatch project, citing an unnamed source.
A spokeswoman for Swatch Group said on Thursday the report was
unfounded. She said the only business relationship Swatch Group
had with mobile phone makers was as a supplier of integrated
circuits and other electronic components.
Signs are mounting that Apple, which landed huge successes with
its iPhone mobile phones and iPad tablets, is preparing the
launch of an iWatch, following the commercialisation of
smartwatches by rivals such as Samsung and LG Electronics.
Swatch Group shares rose 2 percent to 510 Swiss francs by 1045
GMT (6:45 a.m. EDT), outperforming a 0.2 percent higher European
sector index.
"I have no doubt that Swatch is up on the back of these press
reports - against a rather dull market and sector performance
today," Exane BNP Paribas analyst Luca Solca said, adding
smartwatches seemed to be at the centre of attention in the
investment community.
JPMorgan analysts said in a note the VentureBeat article looked
questionable because they would find it surprising if Swatch
launched products under its own brands to link them to Apple
applications, as the report had suggested.
"One of (Swatch Chief Executive Nick) Hayek's main concerns over
smartwatches, repeatedly stated in analysts conference calls in
the last six months, is the possible dependence on software and
applications from other companies," they said.
Hayek told Reuters in an interview on Tuesday he was not
interested in teaming up with a tech group to develop a
smartwatch.
(Reporting by Silke Koltrowitz; Editing by Dale Hudson)
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