Under Armour : Today’s Research Reports on Stocks to Watch: Under Armour and Nike
NEW YORK, NY / ACCESSWIRE / November 20, 2017 / Under Armour didn't have any remarkable news on Friday but saw its shares head almost 4% higher at the close. It was earlier in the month that firm Susquehanna said the stock has bottomed out. Shares of Nike also zoomed higher after announcing that it has declared an 11% quarterly dividend increase.
RDI Initiates Coverage on:
Under Armour, Inc.
Under Armour, Inc. shares closed up 3.99% on Friday with nearly 8 million shares traded. According to Jim Cramer of CNBC, the CEO of the struggling athletic retailer, Kevin Plank, called him and said, "You're right, I lost focus. ... I apologize. I didn't do it right." This was after Cramer had criticized the CEO. Cramer remarked, "It makes me intrigued when you have a guy who recognizes what he did." Earlier in the month Susquehanna said the stock has finally bottomed out and upgraded the stock from "negative" to "neutral." Analyst Sam Poser wrote in a note that the firms negative "thesis largely played out. Downside now more limited as Under Armour may have set the bar low enough to allow the company to hit the reset button." The firm lowered its price target from $15 to $11. Shares have lost more than half of their value in the last year.
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NIKE, Inc. shares closed up 3.42% on nearly 15.5 million shares traded this past Friday. Shares got a boost after the company's board of directors declared an 11% quarterly dividend increase, making the quarterly dividend rise to 20 cents a share from 18 cents. CEO Mark Parker commented, "This marks NIKE's 16th consecutive year of increasing dividend payouts. Today's announcement, combined with the four-year $12 billion share repurchase program we announced in 2015, demonstrates our continued confidence in generating strong cash flow and returns for shareholders through our new Consumer Direct Offense as we continue to invest in fueling sustainable, long-term growth and profitability.? Parker recently said the company is developing something that is the "most exciting innovation pipeline he has ever seen at Nike." Shares of Nike rising on Friday were also attribute to Foot Locker shares surging after the athletic retailer announced earnings beat, sending the stock soaring the most it has in four decades.
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