Deckers Outdoor manufacturer of Teva sport sandals and those ubiquitous UGG boots has had a wild ride today. The stock gapped higher out of the gate to register a new all-time high. Then it quickly plunged, giving back nearly 7 points, or 5.6%, from its intraday peak. The shares shuffled atop the 114 level for a bit and is now paring its losses somewhat. The equity is down 2.8% for the day and off 4.6% from the new high set early this morning.

And there is no news to account for this squirrelly behavior ... yet. The company's website indicates that it will report its third-quarter earnings results after the close on Thursday. Interested parties can also tune in for a conference call over the Internet at 4:30 p.m. Eastern time. It's possible that investors are anxious on this mid-cap and not sure of which way to bet ahead of the earnings annoucement.

On September 10, DECK said it would restate its financial reports from fiscal year 2002 through 2006 to account for various underpayments. At that time, the company said it would file the restated reports as soon as possible.

Short interest could be a factor in the stock's price action, as about 20% of the equity's float is comprised of shorted shares. This equals a short-interest ratio of more than 5 days to cover. Short-covering activity could influence the day-to-day price action of DECK, particularly around earnings time and with the stock hitting new highs.