Under Armour Inc (NYSE: UA)
Under Armour was off to a relatively normal start in the market today. However, that changed quickly just minutes ago. At the moment, the stock is spiking higher with high momentum. Below, we’ll talk about what we’re seeing, why the stock is spiking, and what we should be watching for with regard to UA ahead.
What We’re Seeing From UA
As mentioned above, Under Armour was off to a standard start to the trading session. However, minutes ago, the stock started a high-momentum spike toward the top. Currently, the spike continues. At the moment (11:11), UA stock is trading at $31.13 per share after a gain of $0.61 per share (2.00%) thus far today.
Why The Stock Is Climbing
As always, as soon as we saw the spike, the CNA Finance team went digging to see what was causing the movement. First, we looked for fundamental news from the company that would be big enough to cause a spike like this – nothing there! So, we went onto social media to see what was going on in the space. That’s where we found the cause for the UA spike.
At the moment, there’s an acquisition rumor circling the stock all over social media. In hopes that the acquisition is going to happen, investors and traders alike are buying Under Armour, causing the stock to rise.
What We Can Expect To See Ahead
First and foremost, let’s talk rumors. I understand that the idea of UA being acquired is exciting. However, at the moment, this is a rumor with no confirmation from the company. I’ve seen this time and time again, and, most of the time, there’s no validity to the claims. Nonetheless, I do have a positive opinion of what we can expect to see from UA stock. With strong products and a proven ability to bring those products to market in a big way, Under Armour is likely headed up!
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[Image Courtesy of Wikimedia]