Why Under Armour Stock Lost 13% in September
Shares of athletic apparel maker Under Armour (NYSE: UA)(NYSE: UAA) dropped 13% in September according to data provided by S&P Global Market Intelligence. There wasn't any significant news about Under Armour in September, and in August the company demonstrated solid growth and raised its full-year guidance. The drop was most likely due to competitor Nike disclosing that it's having supply chain issues that will affect it in the coming months, and investor fears that the same issues will plague Under Armour in the short term.
Golfer wearing Under Armour clothing. Image source: Under Armour.
Under Armour has been undergoing challenges for several years. Once a leading contender to challenge Nike for the top spot in activewear, the company began to decline amid a brand that went from premium to mass market and fraud allegations.
Source Fool.com
