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Skechers (SKX) Stock Plummeting on Q3 Miss, Guidance

NEW YORK (TheStreet) -- Shares of Skechers USA (SKX) were diving 17.48% to $18.93 on heavy trading volume Friday morning after the company reported disappointing results for the 2016 third quarter and gave a downbeat forecast for the current period.

After yesterday's market close, the Manhattan Beach, CA-based footwear retailer posted earnings of 42 cents per share, below analysts' projections of 48 cents per share.

Revenue jumped 10.1% to $942 million year-over-year, but was lower than Wall Street's estimates of $954 million.

For the fourth quarter, Skechers sees revenue between $710...