Under Armour Inc (NYSE: UA)
Under Armour was off to a relatively normal start in the market today. In the first few minutes, it edged up before falling into the red. However, that all changed minutes ago when the stock started to head for the sky. Below, we’ll talk about what we’re seeing from the stock, why it’s gaining so much, and what we’ll be watching ahead with regard to UA.
What We’re Seeing From UA Stock
As mentioned above, Under Armour was off to a relatively normal start in the market today. The stock even fell into the red within minutes of the opening bell. However, minutes ago, the stock started to soar. Currently (9:49), UA is trading at $31.84 per share after a gain of $0.29 per share (0.92%) thus far today, and it looks to be heading further up.
Why We’re Seeing The Gains
As soon as we saw UA start pushing for gains, the CNA Finance team started to do some digging to see what was behind the upward movement. In our search, we were unable to find any fundamental news that would cause such a climb. However, we do believe that we’ve found the reason for the gains.
Looking into the social realm, we’re seeing quite a bit of activity surrounding Under Armour. In fact, there’s a rumor flying around the web right now that the company may be acquired. According to the rumor, the potential buyer is Nike, which would make sense.
What We’ll Be Watching For Ahead
First and foremost, it’s important to keep in mind that what we’re seeing in the market is the result of a rumor. Now, don’t get me wrong – UA would be a perfect acquisition target for NKE. However, because we haven’t received confirmation, it is impossible to tell if there is any validity to the claims. Nonetheless, we’ll be watching the story closely and bringing you the news as it breaks!
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[Image Courtesy of Wikimedia]