SKX sell-off. This might explain the drop in SKX this morning. Following from Briefing.com:
7:37AM Footstar lowers guidance due to slump in Footaction sales (FTS) 13.55: In light of the significantly lower than expected sales at Footaction, co slashes Q3 guidance to a range of $0.55-$0.60 (Multex consensus $0.97). Says results for the month of August were below expectations, especially in the athletic division. "With the slow start to the back-to-school season, our focus in the upcoming months will be to aggressively manage our inventories, especially at Footaction."
8:12AM Finish Line lowers guidance (FINL) 10.49: Retailer reducing Q2 outlook to a range of $0.34-$0.36 from previous guidance of $0.45-$0.47 (Multex consensus $0.47). For Q3, co sees a loss of $0.11-$0.13 (consensus -$0.08). Puts Q4 earnings at $0.35-$0.37 (consensus $0.39). "The promotional environment for the back to school period has been very high and we have reacted with increased price promotions in our stores, which has led to lower than expected product margins
