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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Skechers (NYSE: SKX ) shares plunged 17% today after the company reported third-quarter earnings.
So What: Skechers' sales set a company record for a single quarter, and earnings were up 48.6% from the prior year, but the company failed to meet Wall Street estimates for both revenues and earnings. In addition, the company reported that several of its customers had ordered too much back-to-school inventory and had canceled the orders, leaving Skechers with more shoe inventory than it wanted.
Now What: With today's drop, the company's stock price will be near its 52-week low. If Skechers' current inventory troubles prompt analysts to trim estimates, and the company's popular toning shoes remain a hot trend through the holidays, maybe it will be lined up for a future pop.
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