Shares of Skechers plunged 17 percent Friday after it was downgraded to "neutral" from "buy" at Citi, following a disappointing earnings report. The company posted earnings of 42 cents a share on revenue of $942 million on Thursday. Analysts had expected earnings of 46 cents a share on $954 million in revenue, according to a Thomson Reuters consensus estimate. Skechers also issued disappointing guidance and said it now expects fourth-quarter sales between $710 million and $735 million. Wall Street had previously projected $800 million in quarterly revenue, according to Thomson Reuters.