Under Armour Stock Up Today on Ratings Agency and Retailer News
Shares of athletic apparel and footwear maker Under Armour Inc (NYSE: UA)(NYSE: UAA) are up almost 7% at 12:23 p.m. EDT on May 7, following a release from credit ratings agency Moody's (NYSE: MCO) yesterday afternoon, announcing that it had completed a periodic review of the ratings of Under Armour.
As one of the three major credit ratings agencies, nearly anything Moody's says about a company has the potential to move its share price up or down, and that's particularly true for Under Armour, which has nearly $600 million in debt and has struggled over the past few years in a highly competitive market for the consumer discretionary dollars spent on athletic apparel and footwear.
Image source: Getty Images.
Source Fool.com