Shoemaker Skechers USA (SKX) is running ahead of the pack. The IBD Relative Strength Rating for Skechers stock jumped from 80 the day before to 83 Tuesday. The upgraded RS Rating shows that Skechers stock has outperformed 83% of all stocks over the past 12 months.
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Market research shows that the market’s biggest winners typically have an RS Rating north of 80 in the early stages of their moves. Skechers, which bills itself as “the comfort technology company,” just joined that elite group.
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Skechers Stock Nearing All-Time High
Manhattan Beach, Calif.-based Skechers sells men’s women’s and children’s casual, dress and athletic shoes, as well as clothing and accessories.
Skechers stock hit a fresh all-time high of 56.53 at the end of July. It consolidated, dropping to 46 on Sept. 13, then reversed upward. Tuesday afternoon, Skechers traded at about 50.50, up more than 2% for the day. Skechers also shot above its converged 50-day and 200-day lines Tuesday. The stock is working on a consolidation with a 56.53 buy point. See if it can break out in heavy trading.
Earnings catapulted 41% last quarter to 97 cents per share, on an 8% rise in revenue to $2.01 billion. The company reported an 18% year-over-year drop in earnings for its December-ended quarter. Then it saw earning rise 20% in Q1 2023 and 41% in Q2. Skechers says on its website that it plans to announce third quarter earnings on Oct. 26 after the market closes.
Skechers stock holds the No. 2 rank among its peers in the Apparel-Shoes & Related industry group. Deckers Outdoor (DECK) is No. 1 in the group and footwear distributor Weyco Group (WEYS) is No. 3.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
The proprietary IBD Relative Strength Rating identifies market leadership by using a 1 (worst) to 99 (best) score that identifies how a stock’s price action over the trailing 52 weeks matches up against that of all other stocks.
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