Piper Jaffray analyst Erinn Murphy lowered her estimates on names in the Footwear space following DSW's (DSW) negative preannouncement. DSW's lowered outlook shows that select multi-branded retailers are "feeling the pain of the lackluster consumer environment and warmer weather," Murphy tells investors in a research note. She lowered her estimates for Wolverine World Wide (WWW) and Genesco (GCO) and remains below guidance for Deckers Outdoor (DECK) in Q4. The analyst thinks Steven Madden (SHOO) accounted for weakness at DSW in its Q4 implied guidance. Murphy is incrementally cautious on Decker's, Wolverine and Genesco. She still likes VF Corp. (VFC), PVH Corp. (PVH), Steven Madden and Sequential Brands (SQBG).