SKECHERS USA, Inc. (NYSE: SKX) has not been performing well as of late. It was just yesterday that firm B. Riley downgraded the stock to Neutral based upon weaker sales and promotions. Shares closed at $11.46 yesterday against a 52-week trading range of $11.21 – $23.66, but now comes news that it is bringing in Mark Cuban for support of its new running line.
The company noted, “Sports and technology mogul Mark Cuban has thrown his support behind the launch of SKECHERS’ innovative new performance running line, Skechers GOrun. The owner of the NBA Champion Dallas Mavericks will play a key role in the Company’s third consecutive Super Bowl commercial, which will premiere during the coveted two minute warning in the first half.”
Skechers shares are up 2.5% at $11.75 so far this morning, so maybe the idea is that if one guy can turn his fortunes into gold he can help return Skechers back to its good fortunes. It may be a stretch, but when Mark Cuban gets behind something he generally acts committed and interested and he tends to make money.
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