Footwear Stocks Seesaw Tuesday

Footwear Stocks Seesaw Tuesday

U.S. stocks were turbulent Tuesday as investors reacted to continued uncertainty over the containment of Europe’s debt crisis and a mixed bag of quarterly results from some blue-chip companies.

Counters dropped sharply in the first two hours of trading on news that Asian bourses had faltered overnight in response to data showing China’s economy grew less than expected during the third quarter. But U.S. markets pared back some gains by day’s end.

Of a basket of 30 industry stocks tracked by Footwear News, 20 ended the day higher, although all had dropped an average of 4.5 percent by around 10 a.m.

Crocs Inc. plummeted 39.4 percent on the back of a company statement revising down third- and fourth-quarter guidance due to macroeconomic headwinds in Europe affecting business there.

LaCrosse Footwear Inc., which reports its third-quarter results on Thursday, was the second-biggest loser, closing down 19.3 percent.

Big Five Sporting Goods Corp., after weathering a selloff of its stock on Monday, was the biggest gainer Tuesday, closing up 6.6 percent.

Other gainers closed up a median of 2.1 percent.

Comparatively, the Dow Jones Industrial Average gained 1.6 percent, to 11,577.05. The Standard & Poor’s 500-stock index advanced 2 percent, to 1,225.38.