Skechers (SKX) saw its stock “run” up 42% today.
It had its biggest one day gain since it had its IPO back in 1999.
Skechers’ international sales are booming.
In China, their sales went up by 50%.
They expect to do well on Singles’ Day (November 11th) in China.
They project to do $500 million sales in China this year and have $1 billion in revenue in China within the next year or so.
Yesterday Skechers’ stock went up 25% after-hours. It went up another 17% today during the regular trading session.
We picked up 10 of the October 27th $31.50 calls at the open today for 90 cents each. We sold them a few hours late for $1.90 each. So went had a gain of over 100% in our trade. The premiums were not inflated for the calls since earnings were yesterday. This just goes to show you that “the trend is your friend” and that you can ride a hot earnings stock for profit after the earnings event has already happened.
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