Shares of Crocs (NASDAQ: CROX) are tumbling today, down 4.2% as of 1 p.m. ET. It's not earnings that did this, however; the plastic shoemaker's latest quarterly results aren't due out until next week. Instead, you can blame Walmart's (NYSE: WMT) earnings warning for shaking retail investors' confidence in consumer good stocks today.
Adding insult to injury, Crocs stock was also the subject of a price-target cut.
Last night, Walmart cut its guidance for Q3 and full-year fiscal 2023 earnings, citing challenges posed by inflation, pressure on consumer wallets, and its own efforts to cut its overgrown inventories, which will necessitate discounting wares. Retail stocks are selling off on the news, and Crocs is no exception. To top it off, investment banker Piper Sandler cut its price target on Crocs stock by a stunning 25% to just $90 a share.
Source Fool.com