Yahoo Finance Under Armour Under Pressure in Midday Trading
Investing.com - Athletic apparel maker Under Armour struggled in midday trading as it kicked off its investor day leaving investors skeptical about its growth in the U.S.
At the investor day executives said they want to achieve a discipline operating model and focus on more profitable growth. Under Armour sees a low-single-digit revenue compund annual growth rate in North America for fiscal years 2020-2022, Briefing.com reported.
Under Armour (NYSE:UAA) fell about 8% at 11:41 AM ET (16:41 GMT).
Earlier this year the company said it expects revenue to rise for 2018, but sales in the U.S. to fall. Still, its stock has risen nearly 70% in the last year, bringing its market cap to roughly $9 billion.
In contrast, Nike (NYSE:NKE) jumped about 2%. Overall, the stock is up nearly 20% year over year with a market cap of 95.4 billion.
Nike stocked has trailed Under Armour's strong performance year to date, but its shares are slightly higher in the past month.
The S&P 500 Consumer Discretionary sector was up 1.9%, with Tiffany & Co (NYSE:TIF) rising 2.5%, Best Buy (NYSE:BBY) up 2.2% and heavyweight Amazon.com (NASDAQ:AMZN) increasing 3.2%.
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