What: Shares of footwear company Skechers (NYSE:SKX) jumped on Wednesday, closing up 10.15%. There was no specific news driving the stock, but with shares of Skechers down about 44% over the past month going into Wednesday, a strong day for the stock market was enough to send the stock soaring.

So what: Shares of Skechers collapsed following the company's third-quarter earnings report on Oct. 22, with the company coming up short of analyst expectations for revenue. The stock was hit again in early November, when various department store companies reported weak earnings.

Despite the massive decline in the stock, Skechers' earnings were positive on an absolute basis. Revenue grew by 27% year-over-year, with comparable-store sales jumping 10.4%, and net income was up more than 30% compared to the same period last year. Analysts were expecting more on the revenue front, however, and the stock dropped roughly 35% in a single day.

Now what: After massive declines, it's not all that uncommon to have big positive days driven by no real news at all. The strong stock market on Wednesday certainly helped, with the S&P 500 up about 1.6%, but Skechers is still well below pre-earnings levels. The stock may continue to be volatile, but for long-term investors, it's the performance of the company that really matters.

Timothy Green has no position in any stocks mentioned. The Motley Fool owns shares of and recommends Skechers. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.