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SMALL BUSINESS
Under Armour falls as investors worry about 4Q
AP
SAN FRANCISCO -Shares of Under Armour fell Tuesday as investors worried that the company's fourth-quarter profit would disappoint after it issued full-year guidance that implied slower sales for the rest of the year.
Shares fell $3.23, or 10 percent, to $29.86 midday Tuesday.
The company said Monday that its third-quarter profit beat Wall Street expectations as shoe sales drove sales higher. But Raymond James analyst Dan Wewer said the company's prediction for full-year profit implied that fourth-quarter revenue growth would slow to about 11.6 percent. He added that executives said operating expenses would be under pressure in the fourth quarter.
Wewer maintained an "Underperform" rating on the stock.
Under Armour, based in Baltimore, makes sports clothes, shoes and gear such as gloves, bags, socks and eyewear for use during competition.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-27 12:24:00
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