Under Armour will be deleted from the S&P 500 stock index before the start of trading June 21 and be added to the S&P MidCap 400, S&P Dow Jones said. The S&P 500 tracks the performance of 500 large companies listed on U.S. stock exchanges.
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Wall Street Reacts To Under Armour CEO Transition
Last week’s news that Under Armour CEO Patrik Frisk is stepping down next month after a little more than two years in the position was met with expectations that the company would prioritize growth, but two analysts on Wall Street downgraded the company’s stock as Frisk’s departure creates uncertainty about the company’s direction. Effective June […]
Patrick Frisk To Step Down From Under Armour As President And CEO
Under Armour, Inc. announced that Patrik Frisk will step down as president and CEO and as a member of its Board of Directors effective June 1, 2022. The board has initiated an internal and external search for Frisk’s replacement. Colin Browne, Under Armour’s COO, has taken the helm as interim president and CEO effective June 1, 2022.
EXEC: Under Armour’s Stock Takes Hit On Weak Guidance
Shares of Under Armour were trading down about 25 percent in mid-day trading Friday after the company reported results for its transitional March quarter that slightly lagged Wall Street expectations and provided weak guidance for the current year as it battles supply chain disruption and COVID-related lockdowns in China.
Under Armour Sees 3 Percent Growth In March Quarter
Under Armour reported sales grew 3 percent in its transition quarter ended March 31 and forecasted sales for the current fiscal year would expand in the range of 5 percent to 7 percent. Sales and the adjusted loss in the period were slightly below Wall Street’s expectations.
Under Armour Appoints India Distributor
Under Armour has appointed Underdog Athletics as the exclusive distributor and licensee for the brand in India.
Under Armour Supply Chain Exec Joins Figs
Jami Pinto, formerly senior vice president, global product supply at Under Armour, has become chief global product and sustainability officer at Figs, the manufacturer of scrubs and medical apparel.
Under Armour, Puma, Helly Hansen And Canada Goose Suspend Operations In Russia
Under Armour, Canada Goose, Helly Hansen and Puma have followed Nike in suspending operations in Russia in response to Russia’s invasion of Ukraine.
Under Armour Must Submit Documents Related To SEC, DOJ Investigations To UCLA
Under Armour, Inc. must submit documents related to the federal government’s investigation into its accounting practices which led to a $9 million fine last year, a Los Angeles judge overseeing the litigation over its canceled UCLA contract has ruled, according to the Baltimore Business Journal.
Under Armour Announces $500 Million Stock Buyback Program
Under Armour Inc. announced that its Board of Directors has authorized the repurchase of up to $500 million of Under Armour’s outstanding Class C common stock, effective immediately.
Under Armour’s Debt Ratings Outlook Revised To Positive
S&P Global Ratings revised its debt ratings outlook on Under Armour to positive from stable. The rating agency said Under Armour’s credit measures remain strong due to its high demand, reduced promotional pricing and higher than normal cash balances.
Wall Street Reacts: Under Armour Q421
Under Armour Inc. reported a fourth-quarter beat but a cautious outlook amid foreboding supply chain warnings caused the stock to slide. Analysts generally felt the stock’s pullback offers a more attractive entry point into a brand on the rebound although a few were seeking more visibility.
Inside The Call: Supply Chain Caution Clouds Under Armour’s Q4 Beat
Under Armour’s earnings and sales topped Wall Street estimates in the fourth quarter as demand continues to improve, led by North America. However, officials warned on an analyst call that supply chain headwinds tied to the pandemic, including heightened freight costs and stalled deliveries, would weigh on further progress for the next several quarters. Shares of Under Armour were off about 10 percent in early afternoon trading.
Under Armour’s Q4 Tops Guidance, Warns Of Supply Chain Challenges
Under Armour Inc. reported fourth-quarter earnings and sales exceeded Wall Street targets. Sales guidance was also raised for the current quarter but margins are expected to be impacted by lingering supply chain constraints.
Under Armour Scores Upgrade From Morgan Stanley
Morgan Stanley raised its rating on Under Armour to “Overweight” from “Equal Weight” due to the stock’s pullback in recent months and the company’s opportunity to “outperform peers” as a result of the combination of lower relative supply chain risk, stronger relative China performance, favorable channel checks, and the likely conservative 2022 guidance.
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