Shares of Skechers USA (SKX) were tanking more than 20% Friday afternoon on heavy volume after the company missed analysts' second-quarter earnings expectations.
The shoe maker reported earnings of $0.48 per share on revenue of $877.8 million. Analysts on average were expecting the company to post earnings of $0.52 per share on revenue of $886.87 million. The company's stock has already dropped more than 40% year to date.
Shares of Chipotle (CMG) were rising Friday following its second-quarter earnings release, giving some relief to the beleaguered restaurant chain amid multiple food-safety controversies.
The stock is rising despite posting top- and bottom-line results that were below Wall Street's consensus. Revenue fell 16.6% to $998.4 million from $1.2 billion in the same period last year, while net income fell to $25.6 million, or $0.87 per share, from $140.2 million, or $4.45 per share, a year ago. Analysts were expecting the company to report revenue of $1.1 billion with earnings of $0.91 per share.
Online payment company PayPal (PYPL) was falling sharply following its announcement that the company would stop discouraging its users from linking Action Alerts PLUS holding Visa (V) accounts. The stock was down more than 7% on more than three times its normal trading volume.
"It's a long-term agreement, we feel that we've addressed everything that we wanted to address. PayPal, ourselves and the issuers look at it and say it makes sense for all of us to work together," Visa CEO Howard Scharf said in a conference call Thursday.
Finally, shares of AAP holding General Electric (GE) were down nearly 2% after reporting weak demand for its new oil, gas and transportation equipment. The announcement raised concerns that the company would not be able to meet its full-year profit expectations. To combat the sentiment, the company affirmed its 2016 outlook and forecast that its strong growth would continue into the second half of the year.
