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: Shares of shoemaker Skechers (NYSE:SKX) jumped 10% today after being upgraded by an analyst.
So what: Susquehanna analyst Tom Haggerty upgraded the stock to positive from neutral on projections of improving sales next year. The analyst set his price target at $22 per share for the next year.
Now what: We don't put too much stock in an analyst's upgrade or downgrade because the pop or drop often doesn't last long. Skechers has had a rough 2012 and is likely to post a loss for the year. A lot of improvement needs to take place in 2013 for it to swing to a profit, and that's just too much risk for me to buy into today, especially after the stock jumped.
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