Stocks slid on Friday as corporate earnings season kicked into high gear, with major benchmarks waffling between positive and negative territory before ending the session slightly in the red.

But several individual stocks finished the week on a sharply negative note, including Skechers USA (NYSE:SKX), State Street (NYSE:STT), and Yum China Holdings (NYSE:YUMC). Here's why they fared so poorly.

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Skechers' disappointing quarter

Shares of Skechers USA plunged 21% after the casual footwear specialist announced underwhelming second-quarter results and disappointing guidance. Quarterly revenue rose 10.6% year over year to $1.134 billion, a new company record, while earnings declined almost 24% to $45.3 million, or $0.29 per share.

Skechers' sales arrived right at the midpoint of its previous guidance for $1.12 billion to $1.145 billion. But earnings fell far below its expected $0.38-$0.43 range, though the bottom line did include significant costs related to foreign currency exchange and legal expenses during the quarter.

Skechers also provided guidance for third-quarter revenue ranging from $1.20 billion to $1.225 billion, with earnings per share of $0.50 to $0.55. Even the high ends of both ranges were far below consensus estimates for earnings of $0.68 per share on revenue of $1.26 billion. 

State Street's big buy

State Street stock dropped 7.4% in the wake of the financial services and bank holding company announcing second-quarter results and an enormous acquisition. 

State Street's quarterly revenue climbed 7.7% year over year to $3.026 billion, helped by higher fee and net interest income. That translated to 22.9% growth in net income per share, to $1.88, including a $0.17-per-share restructuring charge. Analysts, on average, were modeling earnings of $2.01 per share on revenue of $3.05 billion. 

State Street revealed it has agreed to acquire investment management solutions company Charles River Systems for $2.6 billion in cash. If you're wondering why investors are frowning today, note State Street will move to partially fund the purchase through the suspension of roughly $950 million of share repurchases that were slated for Q2 and remainder of this year. The balance of the purchase price will be raised by issuing new stock, with roughly two-thirds in the form of common stock and one-third preferred stock. Even given State Street's large market cap of roughly $32 billion, the market is simply can't ignore this dilutive move. 

More pain ahead for Yum China?

Finally, shares of Yum China fell 6.4% following an analyst downgrade. Bank of America analyst Chen Luo downgraded the parent company of KFC and Pizza Hut in China to underperform from neutral.

To justify their bearishness, Luo noted KFC has struggled to boost margins despite healthy same-store sales growth, and the brand could face headwinds from a "rise in anti-U.S. nationalism." Meanwhile, Pizza Hut in China could suffer due to a number of challenges, from steep competition to a complicated menu and the fading novelty of its brand.

As such, and even with the stock trading 25% below its 52-week high set in January, Luo lowered his per-share price target on Yum China to $34 from $44.30.