Skechers (NYSE: SKX) shares plunge 35% after hours - ~43% since negative LCM comments on Benzinga August 12, 2015
Interviewer: “Your taking some heat on Skechers, huh?”
+ Emmanuel Lemelson:
"No, I consider it an opportunity because we’re still shorting the company, every time the price goes up I feel like a kid in a candy store…”
SKX Shares fell from $52.52 at close of Market August 11, 2015 to just $30.11 in after-hours trade October 22, 2015 a drop of 43% in just over 2 months.
On the interview Lemelson also commmented:
“…we talked about Netflex (NASDAQ: NFLX), we talked about Skechers (NYSE: SKX), those are companies that have wild valuations, any bump in the road and the optimism relating to the issue will affect their popularity and I think they will have a precipitous fall.”
August 12th, 2015: Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for August 12, 2015 (see 18 min. mark)
Lemelson also told Benzinga:
“We still think it’s radically overpriced. We think it’s a fad frankly and we keep shorting it. We did increase our short, our average short price was around $132… we’re going to keep shorting it.”
September 25, 2015: See: Rev. Emmanuel Lemelson, CIO of Lemelson Capital Management - #PreMarket Prep for September 25, 2015 (see 10 min. mark).
Lemelson also predicted a “Steep decline in value” on June 5th, 2015, see: This Mega-Hedge Fund Manager Is Short Sketchers (June 6, 2015)