The U.S. stock market was flat in morning trading of Friday, with investors closely watching the government's trade policies.
Shares of Skechers USA Inc. (SKX, Financial) fell more than 20% on Friday after the company posted second-quarter earnings on Thursday afternoon. The company recorded earnings per share of 29 cents on $1.13 billion in revenue, representing 9.7% year-over-year growth. The company fell 12 cents short of earnings estimates, but revenue expectations were in line.
Sales rose 10.6% as a result of a 24.9% increase in the international wholesale business and a 12.8% increase in its company-owned global retail business. Comparable same-store sales increased 4.5%, including 2.2% growth in the U.S and 11.3% internationally.
For the third quarter, Skechers expects sales between $1.2 billion and $1.23 billion and diluted earnings per share of 50 cents to 55 cents.
Gainers
- VF Corp. (VFC, Financial)
- Honeywell International Inc. (HON, Financial)
- Philip Morris International Inc. (PM, Financial)
- Dover Corp. (DOV, Financial)
- Nucor Corp. (NUE, Financial)
Losers
- Everest Re Group Ltd. (RE, Financial)
- General Electric Co.”‹ (GE, Financial)
- L Brands Inc. (LB, Financial)
- Albemarle Corp. (ALB, Financial)
Global markets
The main European stock markets closed mostly lower. While the U.K.'s FTSE 100 retreated 0.07%, France's CAC 40 slipped 0.35% and Germany's Dax fell 0.98%, Spain's Ibex 35 gained 0.04%.
In Asia, markets closed in positive territory. Japan's Nikkei 225 lost 0.29%, but India’s BSE Sensex gained 0.40%, Hong Kong's Hang Seng advanced 0.76% and China's Shanghai Composite jumped 2.05%.
Disclosure: The author holds no positions in any stocks mentioned.
