Why Under Armour Stock Was Sliding Today
Shares of Under Armour (NYSE: UAA) (NYSE: UA) were sliding today as the market continued to pummel struggling apparel stocks in the midst of the COVID-19 coronavirus sell-off.
The overall market was volatile today -- stocks were in positive territory this morning after the Federal Reserve said it would immediately cut lending rates by half a percentage point, but in the afternoon news of the coronavirus spreading, and more reports of deaths and infections, overwhelmed the market. Meanwhile, the lack of a substantive plan from the G-7 nations and the U.S. government to combat the virus may have also contributed to the afternoon sell-off.
Class A shares of Under Armour were down as much as 6.4% in afternoon trading and had fallen 3.5% as of 3:10 p.m. EST. By comparison, the S&P 500 index was down 1.9% at that time.
Source Fool.com
