NEW YORK (
) -- Footwear stocks are falling out of fashion today, despite solid trends within the sector.
The sell off is predominantly attributable to the downgrade of
by Susquehanna to neutral from positive. As a result, Skechers is tumbling 11.8% to $23.23 in midday trading.
The rest of the sector is following suit, with
plunging 13.1% to $12.01,
falling 5.6% to $45.68 and
off 1.3% to $36.33.
The footwear sector has been one of the best performing retail components, says Sterne Agee analyst Sam Poser. More so than any other retail business, there is a lot of newness, like toning and barefoot running sneakers. Poser also notes that footwear departments in retailers and department stores have been busier than any other section.
Poser attributes the overall stock declines to Wall Street jitters, and warns investors aren't paying attention to the positives in the industry.
The massive sell off, in that case, could present a buying opportunity for investors.
-- Written by Jeanine Poggi in New York.
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