Shoe seller Skechers USA (SKX) was having its worst day in more than a year after the shares got hit with a downgrade at BB&T Capital Markets, sending it to a steep pullback on the New York Stock Exchange Tuesday.
The stock recently was the No. 1 loser in big board trading, falling 9.3% to $26.53 on more than twice the average daily volume. The drop came after BB&T analyst Scott Krasik cut his rating on Skechers to hold from buy, which he had assigned the stock last April. According to FactSet data, he's alternated between buy and hold ratings on the shares since July 2011.
The last time it surrendered more in a single day was Oct. 2, 2012, when it lost 12.7%, FactSet records indicate. With the downgrade, Skechers now has two hold ratings, with the other five analysts who follow the stock saying it's a buy.
Over the past two years, Skechers has been a strong performer, rising 52.6% and 79.1%, respectively, and both times outpacing the market by a wide margin. It also outran competitors such as Nike (NKE) and Asics (ASCCF). So far, though, 2014 hasn't been nearly as kind -- shares are down 19.6% this year. In the last 52 weeks, it's traded between $18.04 and $34.95, Yahoo Finance data show.
Wall Street's consensus target on the Manhattan Beach, Calif., company's stock is $36.