Index: COFF/Chunks.cpp
===================================================================
--- COFF/Chunks.cpp
+++ COFF/Chunks.cpp
@@ -81,11 +81,23 @@
 }
 
 static void applyMOV(uint8_t *Off, uint16_t V) {
-  or16(Off, ((V & 0x800) >> 1) | ((V >> 12) & 0xf));
-  or16(Off + 2, ((V & 0x700) << 4) | (V & 0xff));
+  write16le(Off, (read16le(Off) & 0xfbf0) | ((V & 0x800) >> 1) | ((V >> 12) & 0xf));
+  write16le(Off + 2, (read16le(Off + 2) & 0x8f00) | ((V & 0x700) << 4) | (V & 0xff));
+}
+
+static uint16_t readMOV(uint8_t *Off) {
+  uint16_t Opcode1 = read16le(Off);
+  uint16_t Opcode2 = read16le(Off + 2);
+  uint16_t Imm = (Opcode2 & 0x00ff) | ((Opcode2 >> 4) & 0x0700);
+  Imm |= ((Opcode1 << 1) & 0x0800) | ((Opcode1 & 0x000f) << 12);
+  return Imm;
 }
 
 static void applyMOV32T(uint8_t *Off, uint32_t V) {
+  uint16_t ImmW = readMOV(Off);     // read MOVW operand
+  uint16_t ImmT = readMOV(Off + 4); // read MOVT operand
+  uint32_t Imm = ImmW | (ImmT << 16);
+  V += Imm;                         // add the immediate offset
   applyMOV(Off, V);           // set MOVW operand
   applyMOV(Off + 4, V >> 16); // set MOVT operand
 }
Index: test/COFF/reloc-arm.test
===================================================================
--- test/COFF/reloc-arm.test
+++ test/COFF/reloc-arm.test
@@ -5,7 +5,7 @@
 # CHECK: .text:
 # CHECK: 402000 01104000 00000000 00000000 00000000
 # CHECK: 402010 01100000 00000000 00000000 00000000
-# CHECK: 402020 01000100 00004000 00000000 00000000
+# CHECK: 402020 41f20009 c0f24009 00000000 00000000
 # CHECK: 402030 fe07e62f 00000000 00000000 00000000
 # CHECK: 402040 3e04de2f 00000000 00000000 00000000
 # CHECK: 402050 fe07d62f 00000000 00000000 00000000
@@ -23,7 +23,7 @@
   - Name:            .text
     Characteristics: [ IMAGE_SCN_CNT_CODE, IMAGE_SCN_MEM_PURGEABLE, IMAGE_SCN_MEM_16BIT, IMAGE_SCN_MEM_EXECUTE, IMAGE_SCN_MEM_READ ]
     Alignment:       4096
-    SectionData:     00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000f000f8000000000000000000000000
+    SectionData:     00000000000000000000000000000000000000000000000000000000000000004ff6ff79cff6ff79000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000f000f8000000000000000000000000
     Relocations:
       - VirtualAddress:  0
         SymbolName:      foo