Why Under Armour Stock Was Sliding Today
Shares of Under Armour (NYSE: UA) (NYSE: UAA) were pulling back today in sympathy with a disappointing earnings report from Nike (NYSE: NKE). While there was no company-specific news out on Under Armour, the weak results from its larger rival were enough to push the stock lower today.
As of 11:56 a.m. ET, Under Armour shares were down 5.5%, while Nike stock was off 11.5%.
Nike's fiscal first-quarter performance was actually in line with estimates, though its guidance for the upcoming holiday quarter seemed to spook investors. Nike's revenue in the quarter rose 4%, or 10% in currency-neutral terms, to $12.69 billion, which beat estimates at $12.27 billion.
Source Fool.com
