Under Armour Inc UA shares are trading lower by $5.00 (13.2 percent) at $32.90 in Tuesday's session. What started out to be a rally off a Q3 beat has turned out to be an all-out rout in the share price.
The Q3 beat was overshadowed by financial metrics and trends that fell well shy of Wall Street's expectations.
A pre-market spike to $40.50 around 7:15 a.m. ET attracted major sellers immediately. The ensuing decline took the issue all the way to $31.21 before it mounted a comeback. That pre-market low is just under its low for 2016 of $31.61.
The issue managed to climb into the $32 by the opening of the regular session and bottomed at $32.25 off the opening bell. The ensuing rally has found resistance well ahead of the lower-end of Monday's range ($37.65) with the current high standing at $33.64.
At this time, the issue is attempting to remain in the $33 handle.
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