Under Armour : Today's Research Reports on Stocks to Watch: Under Armour and Sprint Corporation
NEW YORK, NY / ACCESSWIRE / August 2, 2017 / Shares of Under Armour took a hit on Tuesday after the company announced another loss in its last quarter as well as restructuring plans that will result in around 2% of the company's workforce being terminated. Shares of Sprint headed higher yesterday after reporting a beat in profits and after the company's CEO indicated that a merger could be in the company's near future.
RDI Initiates Coverage on:
Under Armour, Inc.
Under Armour, Inc.'s shares took a beating on Tuesday, closing down deep in the red with a loss of 8.59%. The stock sank to a new low of $18.01 during intra-day trading which is a four year low for the company. Volume was significantly higher than usual at a little over 22 million shares traded. The big loss came after the sportswear apparel company reported a second straight quarter of losses and also announced job cuts and a restructuring plan. Despite the loss reported in Q2 being smaller than expected, guidance and restructuring had traders concerned. Looking ahead, the company has forecast full year revenue growth of 9-11%. Previously this number was at 11-12%. Adjusted EPS for the full year is forecast at 37-40 cents while the Street was expecting 42 cents. CEO Kevin Plank remarked, "We intend to meaningfully increase our go-to-market speed and amplify our digital capabilities. The company announced that it plans to cut 280 jobs, or about 2% of its workforce as well."
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Sprint Corporation's shares closed up 11.15% on Tuesday with nearly 45 million shares traded. The stock was one of the biggest gainers on the NYSE yesterday after topping first quarter profit estimates. The company reported a profit of 5 cents per share for the period, easily beating the Street's expectation of a loss of one cent per share. Revenue was, however, a miss. The telecommunications company reported revenue of $8.16 billion which was behind the $8.19 billion that analysts had been looking for. In other news, Sprint could be nearing a merger soon, which may explain the big gains. Company CEO Marcelo Claure said, "We've had sufficient conversations with several parties and soon we're going to start making decisions." While the stock is up only 5% YTD it has seen gains of over 44% compared to last year.
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