Under Armour Inc Class A (NYSE: UAA)
Under Armour was off to what seemed like it could have been a rough day in the market today. After starting the day off well into the green, the stock quickly took a dive, making it to the red within the first hour. While it seemed as though all hope was lost for the day, the stock started to spike toward the top minutes ago, quickly making it to the green. Below, we’ll talk about what we’re seeing from UAA, why, and what we’ll be watching for ahead.
What We’re Seeing From UAA
As mentioned above, Under Armour wasn’t having the best of days in the market today. While the stock started the day off in the green, it quickly made a run for the red, making it to the red within the first half hour. However, minutes ago, the stock went from red to green in what seemed like no time at all. Currently (10:14), UAA is trading at $22.07 per share after a gain of $0.29 per share (1.33%) thus far today.
Why The Stock Is Spiking
As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains on UAA. As soon as we received the alert, the CNA Finance team started working to see why the stock was making a run for the top. It didn’t take long to find the reason for the gains. Ultimately, the spike is being caused by a rumor.
At the moment, if you search for Under Armour on your favorite social network, chances are that you will find the rumor too. At the moment, there’s chatter surfacing that the company may be acquired. Now, keep in mind that the rumor is incredibly vague. No one is suggesting who the buyer might be nor at what price.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on UAA. In particular, we’re watching to see if there is any validity to the acquisition rumors happening at the moment. After all, if a takeover does happen, it could return tremendous value to shareholders. We’ll keep a close eye on the news and continue to bring it to you as it breaks!
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