Skechers (SKX) is an American footwear company headquartered in Manhattan Beach, California, founded by CEO Robert Greenberg and his son Michael in 1992. After Robert left LA Gear, which he had founded in 1983, the Greenbergs set up Skechers as a distributor for Doc Martens. Importing counterfeit Doc Martens boots ended in a legal battle between Skechers and R. Griggs Group.
Skechers has been floating between the $26-$34 range for some time now and is now back down at $26.26. Will this bounce back up to $34 or breakthrough support and head down to who knows where? I'm expecting a bounce back up to about $30 before it decides which way to go again (similar to what we saw in December).
Bounced right off $26 like I predicted and made it's way up to $30.80 before earnings today. Glad I held on to my position as it had positive earnings and went up in AH 7.5%. Reported after close today (4/21/16) Earnings: EPS $0.63 and revenue $978.8M Estimates: EPS $0.53 and revenue $890M
This one is sitting at resistance right now. You can see the range it has been trading between ($26-$34) for the last 6 months. If it heads back down, it could be more of the same. I rode this one up from $26ish to $33ish on the last bounce, and if it can go back down and repeat like it has 3-4 times in the past 6 months, I'll be attempting the same trade.
Long here Buy to Open 3c @ $0.95 SKX AUG 19 2016 24.50C IMHO the drop is over exaggerated. Looking for a short term pop here. EDIT: I have us right at major long term support. I am showing slightly lower than what Finviz has drawn on the chart.
$SKX cheated a bit, moved my order up to 21.54 and filled. seems overdone but still could test 20.50 - 19.65
SKX reporting after the close today: Q3 ER Estimates: Earnings Whisper: $0.49 Consensus: $0.46 Revenue: $952.57 Mil Date & Time of ER: Thursday Oct 20 4:00 PM ET
Skechers (SKX) Misses on Q3 Earnings & Sales; Stock Down http://finance.yahoo.com/news/skechers-skx-misses-q3-earnings-122612141.html
Analyst Upgrade/Downgrade Update Brokerage firm: Citigroup Change: Downgrade Previous Rating: Buy Current Rating: Neutral Previous Price Target: N/A Current Price Target: N/A
Nice job. I've traded SKX in the past, but haven't since they missed earnings and gapped down below the range that I was trading in ($26-$34).
I made a decent amount when this stock was trading predictably between $26 and $34. When it missed on earnings a few months ago and gapped under that range, I stayed out of it as it got less predictable. Just gapped back up above $26 yesterday and today, so I'll have to add it back to my watchlist to see if it keeps that same range now that it's "corrected" itself. I'm sure it will be a slower process, as it's now overbought and will probably need to consolidate for awhile and hold $26 if it will stay in that area. This will be a few month watch before I decide if it's going to be as easy to trade as it was in the past.
Quite a day today, was down 6% at one point, then finished the day up 0.6% after earnings report. When this goes under $27, it comes right back up.
Been holding this one since January 8th. My point and figure targets are $75 to $88. Apparently they reported good earnings yesterday. All the news is good news during the mark-up phase. Daily as of 9:10am CST:
Sold on today's upthrust for an okay gain. My point and figure work shows this may consolidate for awhile....so sent this pony back into the paddock for now. Ultimately looking for $75.
