No Slice Or Hook For Under Armour As Shares Hit New All-Time High

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Under Armour Inc UA shares were trading sharply higher by $6.69 at $96.06 in Thursday's session. The catalyst for the rally to a new all-time high is a Q2 beat for EPS and for sales.

In addition, the company raised FY 2015 sales guidance above the Street's estimate of $3.83 billion to $3.84 billion.

The company has been hot this year, represented by athletes such as Steph Curry and Jordan Spieth. Shares are up 41 percent year-to-date.

The rally in pre-market trading followed through into the regular session. After a much higher open ($93.50 vs. Wednesday's close of $89.37), it retreated only $0.15 to $93.35 before resuming its rally.

The Street was leaning the right way ahead of the report as the issue posted a new all-time high ($89.96) and close ($89.37) in Wednesday's session.

So far, it reached $97.69 before falling backing under $97.

Today's price action is taking place on much heavier than average volume. With three hours remaining in the session, 6.5 million shares have changed hands compared to its 20-day average of 2.34 million.