SKX. If an explanation for SKX being down is required, here is one:
Skechers falls for second straight day on downgrade
September 09, 2002 11:19:00 AM ET
NEW YORK, Sept 9 (Reuters) - Shares of trendy shoe maker Skechers U.S.A. Inc. (SKX) fell sharply for the second day in a row on Monday due to lingering concerns raised by a Wachovia Securities downgrade last week.
On Friday, Wachovia analyst Joseph Teklits downgraded Skechers to "hold" from "buy," saying the company's growth appears to be slowing. He also said that the footwear market continues to be challenging, and he does not believe that Manhattan Beach, California-based Skechers will buck the trend.
Shares of Skechers were down 84 cents, or 6.2 percent, at $12.63 in late morning trading on the New York Stock Exchange Monday, reaching their lowest levels since November. The stock lost more than 10 percent of its value on Friday.
Wedbush Morgan Securities analyst Mitch Kummetz said the stock's fall was primarily related to the Wachovia downgrade, but also related to some of the issues that were pointed out in the research note.
"Footwear retailing seems to be pretty lousy right now," said Kummetz. "I think when the environment improves, (Skechers') performance will improve."
