Why Under Armour, Hanesbrands, and Capri Holdings Jumped Today
Shares of Under Armour (NYSE: UAA) (NYSE: UAA), Hanesbrands (NYSE: HBI), and Capri Holdings (NYSE: CPRI) were among the big winners Tuesday as the broad market rallied on economic reopenings continuing and signs that more companies were entering the vaccine race.
Apparel retailers have been hit hard by the COVID-19 pandemic as they were forced to close stores, being non-essential retailers. Meanwhile, demand for apparel has declined in general as people no longer have the usual occasions, like work or social gatherings, to purchase new clothes for. Given the sector's weakness, the stocks have responded very favorably to positive macroeconomic news, which lifted shares on the first available trading day of the holiday-shortened week.
Under Armour closed up 6.5%, while Hanesbrands finished up 11.5%, and Capri Holdings gained 13.1%. The S&P 500 finished the day up 1.2%.
Source Fool.com
