Under Armour (NYSE:UA) Stock, Quote.Headers.trade-ideas

Under Armour

Under Armour develops, markets, and distributes athletic apparel, footwear, and accessories in North America, Asia-Pacific, Europe, and elsewhere. Consumers of its performance-based clothing and shoes include professional and amateur athletes, sponsored college and professional teams, and people with active lifestyles. The company sells merchandise through direct-to-consumer, including e-commerce and more than 400 combined factory house and brand house stores, and wholesale channels. Under Armour also operates a digital fitness app called MapMyFitness. The Baltimore-based company was founded in 1996 and is led by controlling shareholder Kevin Plank.

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Under Armour shares fall premarket as company updates FY25 restructuring plan with new initiatives to enhance supply chain and overall performance. Pre-tax charges now expected to be $140-$160 million, with adjusted operating income of $140-$160 million and adjusted EPS of $0.19-$0.22.

Why Is Under Armour Stock Sliding Today?

Bangkok,,Thailand,-,April,8,,2018:nike,Classic,Cortez,Leather,White - varsity

Nike shares are moving lower on Wednesday in sympathy with Foot Locker and Abercrombie, which fell after reporting earnings.

What&#39;s Going On With Nike Shares Wednesday?

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Investor risk sentiment is showing greater conviction on Thursday, with all indices and major stock sectors in the green, after Wall Street failed to hold onto opening gains and closed in the red the previous day.

Wall Street Rallies As Economic Concerns Recede, Tech Flexes Its Muscles, Semiconductors Soar: What&#39;s Driving Markets Thursday?

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Under Armour shares are trading lower after the company provided a restructuring update and lowered its FY25 outlook.

Under Armour, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UA#NYSE">UA</a>) shares are trading lower premarket Tuesday. The company disclosed an update to its FY25 restructuring plan, introducing new initiatives to enhance its strategic supply chain <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/n40782680/under-armour-announces-update-to-its-restructuring-plan-and-fiscal-2025-outlook" rel="noreferrer noopener">capabilities and overall business performance</a>.
After further evaluation, the company identified around $70 million in charges, mainly due to the decision to exit its primary distribution facility in Rialto, California, by March 2026.
Under Armour now expects pre-tax restructuring charges of $140 million to $160 million for FY25 and FY26.
This includes up to $75 million in cash charges—$30 million for employee severance and benefits and $45 million for transformational initiatives—and up to $85 million in non-cash charges—$7 million for employee severance and benefits and $78 million for facility, software, and asset impairments.
In May 2024, Under Armour announced a restructuring plan estimated at <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40252349/under-armour-beats-q1-estimates-despite-sales-dip-shows-restructuring-progress" rel="noreferrer noopener">$70 million&nbsp;– $90 million for its FY25 plan</a>.
Through June 30, 2024, the company had incurred about $34 million in restructuring and related charges, comprising $19 million in cash and $15 million in non-cash. The company expects to incur approximately two-thirds of the revised total charges by the end of FY25.
Outlook: The company continues to expect adjusted operating income of $140 million-$160 million and adjusted EPS of <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$0.19 to $0.22 (vs. consensus of $0.24)</a>.
Under Armour Chief Financial Officer&nbsp;David Bergman said, &#8220;As we work to reconstitute our brand and increase our financial productivity over the long term – optimizing our supply-chain network will make&nbsp;us a more efficient, uncomplicated, and agile company.&#8221;
However, the company updated the expectations for operating loss&nbsp;to be&nbsp;$220&nbsp;million to&nbsp;$240 million&nbsp;versus the previous expectation of&nbsp;$194&nbsp;million to&nbsp;$214 million, and loss per share&nbsp;to be&nbsp;$0.58&nbsp;to&nbsp;$ 0.61&nbsp;versus the prior expectation of&nbsp;$0.53&nbsp;to&nbsp;$0.56.
In August, the company reported a first-quarter sales decline of 10.1% year-over-year to $1.183 billion,&nbsp;beating the analyst consensus estimate of $1.140 billion and adjusted EPS of $0.01,&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">above the $0.08 consensus loss</a>.
Price Action: UA shares are down 2.37% at $7.01 premarket at the last check Tuesday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Based on the expansion of the Fiscal 2025 restructuring plan range and the impacts related to fiscal 2025, the company updated the following expectations for its fiscal 2025&nbsp;outlook:
<ul>
<li>Operating loss&nbsp;is expected to be&nbsp;$220&nbsp;to&nbsp;$240 million&nbsp;versus the previous expectation of&nbsp;$194&nbsp;to&nbsp;$214 million. Excluding the mid-point of anticipated restructuring charges and the litigation reserve expense,&nbsp;adjusted operating income&nbsp;is expected to be&nbsp;$140&nbsp;to&nbsp;$160 million.</li>
<li>Diluted loss per share&nbsp;is expected to be&nbsp;$0.58&nbsp;to&nbsp;$ 0.61&nbsp;versus the previous expectation of&nbsp;$0.53&nbsp;to&nbsp;$0.56, and&nbsp;adjusted diluted earnings per share&nbsp;are expected to be&nbsp;$0.19&nbsp;to&nbsp;$0.22.</li>
</ul>

Under Armour Continues To Expect FY25 Adjusted EPS To Be $0.19 - $0.22, Est $0.24

Previously, the company expected to incur pre-tax restructuring and related charges of approximately&nbsp;$70 million&nbsp;to&nbsp;$90 million&nbsp;in connection with its Fiscal 2025 restructuring plan.
Following further evaluation, the company has identified approximately&nbsp;$70 million&nbsp;of charges, largely related to the decision to exit one of its primary distribution facilities located in&nbsp;Rialto, California, by&nbsp;March 2026.
Accordingly, it now expects approximately&nbsp;$140 million&nbsp;to&nbsp;$160 million&nbsp;of pre-tax restructuring and related charges to be incurred in Fiscal 2025 and Fiscal 2026.
Through the three months ended&nbsp;June 30, 2024, the company had incurred approximately&nbsp;$34 million&nbsp;of restructuring and related charges ($19 million&nbsp;in cash and&nbsp;$15 million&nbsp;in non-cash).&nbsp; The company anticipates incurring approximately two-thirds of the charges under the revised total plan by the end of fiscal year 2025.

Under Armour Reports Update To Its FY25 Restructuring Plan, Including Additional Initiatives

<a href="https://www.axios.com/2024/09/03/outside-acquires-mapmyfitness-apps-under-armour">https://www.axios.com/2024/09/03/outside-acquires-mapmyfitness-apps-under-armour</a>
&nbsp;
Outside, a media company that <a href="https://www.axios.com/outside-funding-from-sequoia-1acc7732-7e6e-4d19-9f87-ce898376ca84.html">houses</a> dozens of outdoor enthusiast brands, has acquired MapMyFitness — a suite of mapping technology apps — from Under Armour, Outside CEO Robin Thurston told Axios.
The intrigue: It's a special deal for Thurston, who founded MapMyFitness in 2007 and later sold it to Under Armor for $150 million in 2013.
<ul>
<li>MapMyFitness co-founder Kevin Callahan is the VP of product at Outside and will oversee the integration of the MapMyFitness suite into Outside's product offering.</li>
<li>Getting his company back, "is a little surreal," Thurston said. "To have the opportunity to build and add on to something as part of the ecosystem that I've now built — it's really exciting."</li>
</ul>
Zoom in: MapMyFitness is a suite of GPS-based tracking apps across different sports. In addition to the general MapMyFitness app, Outside will acquire MapMyRide, MapMyRun and MapMyWalk apps.
<ul>
<li>The apps will be integrated into Outside's digital platform, which has over 20 million registered users and 830,000 paid subscribers, Thurston told Axios in an interview.</li>
<li>The MapMyFitness acquisition will put the company at "well over 1 million" paid subscribers, Thurston said. Its suite of apps will bring more than 80 million registered users to Outside's digital platform, giving the company unprecedented first-party data and advertising reach across outdoor and active lifestyle enthusiasts.</li>
<li>In addition to owning dozens of outdoor enthusiast media brands, such as Yoga Journal, SKI, Climbing and Backpacker, Outside also owns mapping apps, including Gaia GPS and Trailforks.</li>
</ul>
Last week, Outside <a href="https://www.outsideinc.com/outside-launches-integrated-social-platform-to-inspire-more-adventure/">debuted</a> an expansion of its digital platform to include a personalized social feed for users with content from Outside's media brands, as well as data and analytics from its suite of mapping and race-tracking apps.
<ul>
<li>Users can share information with their feed followers, such as their workout summaries, finish-line photos and trail maps, and follow other outdoor enthusiasts or brands.</li>
<li>Thurston sees an audience opportunity in aggregating media and services across all outdoor activities. "We're in a category that's extremely highly fragmented," he said.</li>
</ul>
Catch up quick: Outside <a href="https://www.axios.com/outside-funding-from-sequoia-1acc7732-7e6e-4d19-9f87-ce898376ca84.html">was created in 2021</a> when Pocket Outdoor Media acquired five outdoor sports media and tech companies, including Outside Magazine, and changed its corporate name to "Outside."
<ul>
<li>The company raised two rounds of capital in 2021, including a $150 million series B round led by Sequoia Heritage and a $157 million series C round from new investors like Madrone Capital Partners, QIC and Wellcome Trust, as well as existing investors.</li>
</ul>
By the numbers: Outside has never announced its valuation, but Thurston said the company, which today has over 400 employees, wasn't valued at over $1 billion after its last raise.
&nbsp;
<ul>
<li>The firm's valuation, he said, was reasonable given how inflated media valuations were in 2021 when the ad market was <a href="https://www.axios.com/2021/12/07/advertising-industry-revenue">booming</a>.</li>
<li>Outside expects to turn a profit for the first time this year on over $100 million in top-line revenue, Thurston said.</li>
</ul>
Yes, but: The company's investment in technology services could make it more valuable long term. About half of the firm's revenue recurs annually. Recurring revenue tends to yield higher valuations than ad-based media.
<ul>
<li>Around 35% of Outside's business comes from annual subscriptions to <a href="https://www.axios.com/2021/06/01/outside-digital-membership-model">Outside+,</a> a membership program. Roughly 15% comes from its software offerings, event registrations and race photography business. The remaining 50% comes from advertising.</li>
<li>The company <a href="https://www.sunsethq.com/layoff-tracker/outside">cut</a> roughly 15% of its staff in 2022 to rightsize its business after several acquisitions the year prior, Thurston said. 2022 also saw a broader ad market slowdown that impacted dozens of media brands.</li>
</ul>
The big picture: Interest in hard news and politics has <a href="https://www.axios.com/2024/02/06/political-news-consumption-down-2024-election">waned</a> over the past few years. Amid a chaotic political environment and a volatile economy, Americans are turning their focus toward lifestyle and sports content.
<ul>
<li>"I think from a consumer perspective, it's becoming more important to think about spending downtime in nature and experiencing the outdoors," Thurston said. "I think for brands, we're a pretty safe place to go to not have a lot of that other noise."</li>
</ul>

Asset Sales

'Outside Acquires MapMyFitness Apps From Under Armour' - Axios

Nike, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) shares are moving lower on Wednesday in possible sympathy with Foot Locker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) and Abercrombie &amp; Fitch Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANF#NYSE">ANF</a>), which fell <a href="https://www.benzinga.com//node/40578175">after reporting earnings</a>.
What Happened: Both companies reported 2024 fiscal year second quarter earnings before the market opened Wednesday.
Foot Locker: Footlocker <a href="https://editorial.benzinga.com/wp-admin/post.php?post=518708&amp;action=edit">reported</a> a loss of 5 cents per share beating analysts estimate of a loss of 7 cents per share and sales of $1.89 billion beating analyst estimates of $1.88 billion. Also, the company reaffirmed its adjusted EPS guidance of $1.50 to $1.70 for the 2024 fiscal year.
Throughout the quarter, Foot Locker opened 5 new stores, however, the company closed 41 stores. Furthermore, the company either remodeled or relocated 14 stores and updated 67 stores to meet new design standards.
Abercrombie: Abercrombie <a href="https://www.benzinga.com//node/40600911">reported</a> sales of $1.13 billion beating analysts estimate of $1.10 billion and adjusted EPS of $2.50 beating analysts estimate of $2.22. In addition, the company anticipates third quarter net sales to grow in the low double digits year over year.
Abercrombie CEO Fran Horowitz said, &#8220;The Americas led our performance this quarter with net sales growth of&nbsp;23%&nbsp;on top of&nbsp;19%&nbsp;growth last year, along with continued strong results in EMEA with growth of&nbsp;16%. By brand, Abercrombie brands achieved growth of&nbsp;26%&nbsp;on top of&nbsp;26%&nbsp;growth last year, and Hollister continued its sequential acceleration to growth of&nbsp;17%&nbsp;with better-than-expected summer and back-to-school selling.&#8221;
Other companies in the apparel and athletic wear sector, including Under Armour, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UA#NYSE">UA</a>), are also under pressure following the reports from Foot Locker and Abercrombie.
Related Link: <a href="https://www.benzinga.com/news/earnings/24/08/40582688/urban-outfitters-stock-dips-can-a-gen-z-strategy-boost-sales">Urban Outfitters Stock Dips: Can a Gen-Z Strategy Boost Sales?</a>
NKE Price Action: At the time of writing, Nike shares are moving 3.31% lower at $82.47, according to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Image: Shutterstock/ 2p2play

What's Going On With Nike Shares Wednesday?

Shares of apparel and athletic wear companies are trading lower in sympathy with Foot Locker and Abercrombie, which fell after reporting quarterly earnings.

Investor risk sentiment is showing greater conviction on Thursday, with all indices and major stock sectors in the green, after Wall Street failed to hold onto opening gains and closed in the <a href="https://www.benzinga.com/markets/equities/24/08/40237781/wall-street-ends-wednesday-in-the-red-as-risk-sentiment-remains-fragile-s-p-500-movers-at-the-cl">red the previous day.</a>
Weekly jobless claims numbers, which came in at 233,000 last week — a significant drop from the previous 250,000 and below the expected 240,000 — <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/08/40251833/weekly-unemployment-claims-decline-more-than-expected-cool-recession-concerns-stocks-r">helped ease recession fears. </a>
Additionally, the notable decline in weekly claims in Texas suggests that a one-off event like Hurricane Beryl might have contributed to the increase in claims and the July unemployment rate, thus alleviating fears of a more structural trend.
Technology stocks are leading the charge, with the Nasdaq 100 showcasing a 2.2% rally. Among tech stocks, semiconductors are shining, with AI-linked trade back on track after significant <a href="https://www.benzinga.com/markets/equities/24/08/40259139/tech-stocks-rally-after-5-day-slump-as-recession-panic-eases-nasdaq-100-movers-to-watch-thursday">sell-offs in recent days.</a>
The iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) rallied 5.7%, returning above its 200-day moving average after falling below it last Friday. Industrial, consumer discretionary and energy stocks are also posting significant gains.
The dollar continues its recovery against the Japanese yen after being hit by the unwinding of the carry trade until Monday. The dollar-yen exchange rate is looking at its third consecutive day of gains, continuing to reflect the dovish remarks made by the <a href="https://www.benzinga.com/markets/asia/24/08/40223986/traders-resume-yen-dollar-carry-trade-as-bank-of-japan-pledges-no-rate-hikes-during-market-volatilit">Bank of Japan on Wednesday.</a>
Bonds, which alongside the yen were favored during past sessions marked by recession fears, are now retracing as yields rise across the Treasury curve. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) tumbled by 0.8% on Thursday, eyeing its third straight session of declines. The yield on the 10-year Treasury note surged by 5 basis points to 4%.
Commodities are showing solid gains, with gold and silver up by 1.5% and 3.5%, respectively. Oil is up 0.8%, with West Texas Intermediate (WTI) light crude returning above the $75 per barrel level.
Cryptocurrencies are soaring, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) posting a 7.9% daily gain, on track for its best session in about three months.
<h1 class="wp-block-heading">Thursday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,267.70</td>
<td>2.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,285.21</td>
<td>1.6%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,063.97</td>
<td>1.5%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,231.86</td>
<td>1.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:44 p.m. ET</figcaption></figure>
<h1 class="wp-block-heading">According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent080824&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:</h1>
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;rose 1.7% to $527.46.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;increased by 1.2% to $392.63.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) soared 2.4% to $445.17.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) gained 1.7% to $205.38.</li>
<li>All the sectors of the S&amp;P 500 saw gains, with the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) leading the way, up by 2.8%. The more defensive Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) witnessed the lowest surge, up by 0.4%.</li>
</ul>
<h1 class="wp-block-heading">Thursday&#8217;s Stock Movers</h1>
Technology stocks rallying on improved risk sentiment are: 
<ul>
<li>Arm Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) up 7.8%,</li>
<li>ON Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) up 7.1%,</li>
<li>Microchip Technology Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) up 6.2%,</li>
<li>Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) up 6.1%,</li>
<li>KLA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>) up 6%, </li>
<li>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) up 5.9%</li>
</ul>
Stocks moving on earnings reports are: 
<ul>
<li>AppLovin Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>) up 9.9%</li>
<li>Blink Charging Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLNK#NASDAQ">BLNK</a>) down 17%</li>
<li>Bumble Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BMBL#NASDAQ">BMBL</a>) down 31%</li>
<li>Cars.com Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CARS#NYSE">CARS</a>) down 6%</li>
<li>CyberArk Software Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYBR#NASDAQ">CYBR</a>) up 7.2%</li>
<li>Fastly, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSLY#NYSE">FSLY</a>) down over 17%</li>
<li>Forward Air Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FWRD#NASDAQ">FWRD</a>) up nearly 22%</li>
<li>Hanesbrands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HBI#NYSE">HBI</a>), up 15%</li>
<li>HubSpot, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUBS#NYSE">HUBS</a>) up 2.8%</li>
<li>Krispy Kreme, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DNUT#NASDAQ">DNUT</a>) up 14,</li>
<li>Marathon Oil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) up 1.2%</li>
<li>Monster Beverage Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>) down 11%</li>
<li>Papa John&#8217;s International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PZZA#NASDAQ">PZZA</a>) up 2.5%</li>
<li>PENN Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) up 7%</li>
<li>Plug Power Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) down 0.5%</li>
<li>Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) up 2.3%</li>
<li>Robinhood Markets, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) up 2.22%</li>
<li>Under Armor, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UA#NYSE">UA</a>) up 18%</li>
<li>Viasat, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSAT#NASDAQ">VSAT</a>) up nearly 37%</li>
<li>Warner Bros. Discovery, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) down nearly 9%</li>
<li>Zillow Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/Z#NASDAQ">Z</a>) up nearly 19%. </li>
</ul>
Those reporting after the close are Akamai Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAM#NASDAQ">AKAM</a>), CarGurus, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARG#NASDAQ">CARG</a>), Dropbox, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DBX#NASDAQ">DBX</a>), elf Beauty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>), Expedia Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NASDAQ">EXPE</a>), Five9, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVN#NASDAQ">FIVN</a>), Gilead Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), Insulet Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PODD#NASDAQ">PODD</a>), Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>), Take-Two Interactive Software, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTWO#NASDAQ">TTWO</a>), Trade Desk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>), Unity Software Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/U#NYSE">U</a>), and Yelp Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YELP#NYSE">YELP</a>).
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Photo: Shutterstock

Wall Street Rallies As Economic Concerns Recede, Tech Flexes Its Muscles, Semiconductors Soar: What's Driving Markets Thursday?

U.S. stocks were higher, with the Dow Jones index gaining over 1% on Thursday.
Shares of Parker-Hannifin Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PH#NYSE">PH</a>) rose sharply during Thursday's session following better-than-expected fourth-quarter financial results and <a href="https://www.benzinga.com/quote/PH">upbeat FY25 guidance.</a>
Parker Hannifin reported fourth-quarter sales growth of 2% year over year to $5.186 billion and +3% organic growth, beating the consensus of $5.082 billion.
Parker-Hannifin shares jumped 9.8% to $562.79 on Thursday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>Viasat, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSAT#NASDAQ">VSAT</a>) gained 42.2% to $25.27 after the company reported better-than-expected first-quarter financial results.</li>
<li>XPEL, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XPEL#NASDAQ">XPEL</a>) gained 35% to $42.65 after the company reported better-than-expected second-quarter financial results.</li>
<li>AxoGen, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AXGN#NASDAQ">AXGN</a>) shares surged 33.5% to $10.57 after the company reported better-than-expected second-quarter results.</li>
<li>CommScope Holding Company, Inc.  (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COMM#NASDAQ">COMM</a>) climbed 30% to $2.7600 after the company reported better-than-expected second-quarter financial results.</li>
<li>DocGo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DCGO#NASDAQ">DCGO</a>) rose 27.1% to $3.80 after the company reported better-than-expected quarterly sales.</li>
<li>Klaviyo, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KVYO#NYSE">KVYO</a>) gained 25.2% to $28.91 after the company reported better-than-expected second-quarter financial results. Also, the company issued FY24 and Q3 revenue guidance above estimates.</li>
<li>Leslie&#8217;s, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LESL#NASDAQ">LESL</a>) rose 23.3% to $3.4050 following upbeat quarterly earnings.</li>
<li>Forward Air Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FWRD#NASDAQ">FWRD</a>) gained 19.6% to $26.90 following second-quarter results.</li>
<li>Clean Energy Fuels Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLNE#NASDAQ">CLNE</a>) gained 19.2% to $2.8850 following quarterly earnings.</li>
<li>ICU Medical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICUI#NASDAQ">ICUI</a>) jumped 18.1% to $143.88 following strong quarterly results.</li>
<li>Under Armour, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UA#NYSE">UA</a>) gained 17.2% to $7.35 following first-quarter earnings.</li>
<li>SharkNinja, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SN#NYSE">SN</a>) rose 16% to $84.65 after the company reported better-than-expected quarterly financial results.</li>
<li>Zillow Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZG#NASDAQ">ZG</a>) gained 15.5% to $46.61 after the company reported better-than-expected quarterly financial results.</li>
<li>Nova Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVMI#NASDAQ">NVMI</a>) jumped 15% to $208.24 after the company reported better-than-expected second-quarter financial results and issued third-quarter guidance above estimates.</li>
<li>YETI Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YETI#NYSE">YETI</a>) gained 13.1% to $41.90 after the company reported better-than-expected second-quarter financial results and raised its FY24 adjusted EPS guidance above estimates.</li>
<li>Boot Barn Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOOT#NYSE">BOOT</a>) rose 11.4% to $128.93 after the company reported better-than-expected first-quarter financial results.</li>
<li>Sealed Air Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEE#NYSE">SEE</a>) gained 10.6% to $38.04 following quarterly results.</li>
<li>Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) rose 9.1% to $842.14 after the company reported better-than-expected second-quarter financial results and raised its full-year guidance.</li>
<li>ON Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) gained 5% to $69.63.</li>
</ul>
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Intraday Update

Markets

Trading Ideas

AXGN

BOOT

CLNE

COMM

DCGO

ICUI

KVYO

LESL

NVMI

XPEL

YETI

Parker-Hannifin Posts Upbeat Earnings, Joins Under Armour, Zillow Group, YETI Holdings, Eli Lilly And Other Big Stocks Moving Higher On Thursday

Under Armour Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UAA#NYSE">UAA</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UA#NYSE">UA</a>) stock gained after the company reported first-quarter 2025 results on Thursday.
The company reported a first-quarter sales decline of 10.1% year-over-year to $1.183 billion, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/n40246940/under-armour-reports-first-quarter-2025-results-updates-fiscal-2025-outlook" rel="noreferrer noopener">beating the analyst consensus estimate of $1.140 billion.</a>
The company&#8217;s adjusted EPS was $0.01, <a href="https://www.benzinga.com/earnings">above the $0.08 consensus loss.</a>
Wholesale revenue decreased 8% YoY to $681 million, and direct-to-consumer revenue was down 12% at $480 million.
Apparel revenue slipped 8%, Footwear revenue dropped 15%, and Accessories revenue decreased 5%. North American revenue decreased 14.2% to $709 million, and international revenue increased 2% to $473&nbsp;million.
Gross profit decreased 7.9% to $562.67 million, and the gross margin expanded 110 basis points to 47.5%.
The company incurred an operating loss of $299.73 million in the quarter compared to an operating income of $22.42 million.
The company held $885 million in cash and equivalents as of June-end. Inventory was $1.1 billion, a 15% decrease.
In May 2024, Under Armour announced a restructuring plan estimated at $70 million&nbsp;&#8211; $90 million. So far, $34 million in charges&nbsp;have been incurred, with $19 million in cash and $15 million in non-cash. Remaining charges are expected in fiscal 2025.
In the quarter, UAA repurchased $40 million of its Class C common stock, reflecting 5.9 million shares retired, leaving ~$460 million under the authorization.
&#8220;We are encouraged by early progress in our efforts to reconstitute a premium positioning for the Under Armour brand and pleased with our&nbsp;first quarter&nbsp;fiscal 2025 results that were ahead of expectations,&#8221; said Under Armour President and CEO&nbsp;Kevin Plank.&nbsp;
2025 Outlook: Under Armour expects revenue to be down at a low-double-digit percentage rate, <a href="https://www.benzinga.com/calendars/guidance">including a 14% – 16% decline (previously 15% &#8211; 17% decline) in North America.</a>
The company sees Adjusted EPS of $0.19 – $0.22 (prior $0.18 – $0.21) versus an estimate of $0.20.
Gross margin is expected to be up 75 to 100 basis points. Adjusted Operating income is expected to be $140 million to $160 million versus the previous expectation of $130 million to $150 million.
Price Action: UAA shares are trading lower by 11.3% at $6.98 in premarket at the last check Thursday.
Photo via Shutterstock
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Under Armour Beats Q1 Estimates Despite Sales Dip, Shows Restructuring Progress

U.S. stocks are set for a mixed start on Thursday as concerns regarding the economy and incremental yen carry trade unwinding remain an undercurrent. Traders may be keen to receive the jobless claims report, given the recent sell-off kickstarted last Thursday, partly due to a spike in the data. <a href="https://www.benzinga.com/markets/equities/24/08/40247012/bumble-shares-are-down-almost-40-in-premarket-and-gen-z-millennials-are-to-blame-for-their-chang">Reactions to earnings news have been mixed.</a> The CBOE Volatility Index, aka VIX, has resumed its climb above the 28 level.
With the uncertainty around the economy and rate trajectory abounding, in the absence of any major polarizing catalysts, the market could see back-and-forth movement in the near term.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.08%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.02%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.18%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.32%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.05% to $518.90, and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.10% to $435.22, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Last Session:
The sell-off resumed Wednesday as early optimism regarding the worst being behind gave way to fears, taking the averages on a steady decline throughout the session. The positive start came after the Bank of Japan reassured that rate hikes are not imminent but techs dragged the market lower, as Super Micro Computer, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) earnings miss weighed down on AI-levered stocks.
Reacting to Super Micros&#8217; results, fund manager Louis Navellier said, &#8220;This has brought concerns regarding the profitability of building&nbsp;out AI networks despite the massive spending by the Mega Tech companies.&#8221;
The tech-heavy Nasdaq Composite suffered the most as it pulled back to a three-month low, while the Dow Jones Industrial Average and the S&amp;P 500 Index held above Monday&#8217;s closing level. 
Small-caps also experienced a strong sell-off, with the Russell 2,000 settling at a one-month low.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-1.05%</td>
<td>16,195.81</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.77%</td>
<td>5,199.50</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.60%</td>
<td>38,763.45</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-1.41%</td>
<td>2,035.11</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> Insights From Analysts: </figcaption></figure>
Mike Wilson, Morgan Stanley's CIO and Chief US Equity, said in a podcast on Monday that he expects the markets to remain vulnerable in the near term until &#8220;we get better growth data or more comfort from Fed on policy support.&#8221; The strategist, however, does neither of these would be forthcoming soon.
He expects support to come from cheap valuations, although he doesn&#8217;t believe stocks have become so cheap to set in motion a buying spree. The S&amp;P 500 still traded at 20 times the forward 12-month earnings estimate, he said, adding that &#8220;things aren't actually cheap until we reach 17-18x, which is more than 10 percent away from where we are trading.&#8221;
Upcoming Economic Data:
<ul>
<li>The Labor Department&#8217;s jobless claims report due at 8:30 a.m. EDT is expected to show that the number of individuals claiming unemployment benefits may have come in at 240,000 for the week ended Aug. 3, down from 249,000 in the previous week.</li>
<li>The Commerce Department will release its wholesale inventories report for June at 10 a.m. EDT. Economists, on average, expect whole inventories to have increased by 0.2% month-over-month, slower than the 0.6% growth in May.</li>
<li>The Treasury will auction four- and eight-week notes at 11:30 a.m. EDT and 30-year bonds at 1 p.m. EDT.</li>
<li>Richmond Fed President Tom Barkin&nbsp;is scheduled to speak at 3 p.m. EDT.</li>
</ul>
See Also: How To Trade Futures
Stocks In Focus:
<ul>
<li> Bumble Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BMBL#NASDAQ">BMBL</a>) plunged about 40% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the online dating company&#8217;s quarterly results.</li>
<li>Other stocks reacting to earnings are Blink Charging Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLNK#NASDAQ">BLNK</a>) (down over 9.50%), Fastly, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSLY#NYSE">FSLY</a>) (down over 22%), Forward Air Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FWRD#NASDAQ">FWRD</a>) (up nearly 18%), HubSpot, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUBS#NYSE">HUBS</a>) (up over 8%), Monster Beverage Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>) (down over 8%), Viasat, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSAT#NASDAQ">VSAT</a>) (up nearly 7%), Zillow Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/Z#NASDAQ">Z</a>) (up nearly 12%) and Warner Bros. Discovery, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) (down over 12%).</li>
<li>Cars.com Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CARS#NYSE">CARS</a>), CyberArk Software Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYBR#NASDAQ">CYBR</a>), Hanesbrands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HBI#NYSE">HBI</a>), Krispy Kreme, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DNUT#NASDAQ">DNUT</a>), Murphy Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUR#NYSE">MUR</a>), Papa John&#8217;s International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PZZA#NASDAQ">PZZA</a>), PENN Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>), Plug Power Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>), Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) and Under Armor, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UA#NYSE">UA</a>) are among the key companies due to <a href="https://www.benzinga.com/calendars/earnings">release their earnings reports ahead of the market opening</a>.</li>
<li>Those reporting after the close are Akamai Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAM#NASDAQ">AKAM</a>), CarGurus, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARG#NASDAQ">CARG</a>), Dropbox, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DBX#NASDAQ">DBX</a>), e.l.f. Beauty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>), Expedia Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NASDAQ">EXPE</a>), Five9, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVN#NASDAQ">FIVN</a>), Gilead Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), Insulet Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PODD#NASDAQ">PODD</a>), Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>), Take-Two Interactive Software, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTWO#NASDAQ">TTWO</a>), Trade Desk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>), Unity Software Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/U#NYSE">U</a>), and Yelp Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YELP#NYSE">YELP</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures were little changed after the advances in the previous two sessions, with a barrel of WTI-grade crude oil trading at the $75+ level. Gold futures were modestly higher. The 10-year Treasury note yield rose 5.4 points to 3.914%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was little changed above the $57K level.
Most Asian markets fell on Thursday, as stocks in the region tracked the negative performance of Wall Street overnight. Japan&#8217;s Nikkei 225 average led the declines, although the Chinese and Hong Kong markets ended little changed.
European stocks are declining in early trading.
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Image Via Shutterstock

Futures

Previews

Wall Street Set For Uneventful Start Ahead Of Jobless Claim Data, VIX Rises: Strategist Says Market May Remain Vulnerable Until...

Under Armour shares are trading higher following better-than-expected Q1 financial results.

Under Armour FY25 Revenue Is Expected To Be Down 14-16% vs Prior Range Of Down 15-17%; Sees Gross Margin Up 75-100 bps, Adj. EPS $0.19-$0.22 vs $0.20 Est.

Under Armour (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UA#NYSE">UA</a>) reported quarterly earnings of $0.01 per share which beat the analyst consensus estimate of $(0.08) by 112.5 percent. The company reported quarterly sales of $1.184 billion which beat the analyst consensus estimate of $1.140 billion by 3.85 percent. This is a 10.12 percent decrease over sales of $1.317 billion the same period last year.

Earnings Beats

Under Armour Q1 2025 Adj. EPS $0.01 Beats $(0.08) Estimate, Sales $1.184B Beat $1.140B Estimate

Under Armour shares are trading lower after Morgan Stanley downgraded the stock from Equal-Weight to Underweight and lowered its price target from $8 to $4.

Under Armour shares are trading higher. The stock may be up after falling in late June in sympathy with Nike.

The major index futures pointed up on Friday, potentially reacting to the outcome of the first presidential debate between the two presumptive 2024 candidates. Most experts view a victory for former President Donald Trump as a positive for the market, given his inclination toward deregulation and stance on taxation. In the interim, the market is left to contend with another earnings disappointment from a consumer stock. The rally also faces a key test as a <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39513292/feds-preferred-inflation-gauge-set-to-drop-to-38-month-low-this-could-provide-the">key inflation measure</a> &#8211; considered the Federal Reserve&#8217;s preferred gauge, is due out ahead of the market open. The market has factored in the annual rate of the measure to drop to its lowest level since March 2021.
The S&amp;P 500 and the Nasdaq Composite are on track to finish the month and quarter on an upbeat note, thanks to earnings momentum and slowing inflation. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.42%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.37%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.10%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.66%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">In premarket trading on Friday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged down 0.05% at $545.25 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.08% to $479.98, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>. Cues From Last Session:</figcaption></figure>
Stocks went about in a lackluster manner on Thursday, as traders digested the revised first-quarter GDP report that showed slightly better growth than initially estimated and a slight upward revision to inflation metrics. Jobless claims for the recent reporting week fell, while durable goods orders ticked up. Stocks also reacted to disappointing earnings from a couple of consumer-facing companies and soft guidance from memory chipmaker Micron Technology, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MU#NYSE">MU</a>).
The S&amp;P 500 Index and the Nasdaq Composite closed higher for a third straight session and yet settled just shy of their record highs. Small-cap stocks outperformed the major averages, with the Russell 2,000 Index closing notably higher.
Among the sector indices, consumer discretionary, communication services and real estate stocks advanced notably, while most other sectors, including IT stocks, moved to the downside.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.30%</td>
<td>17,858.68</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.09%</td>
<td>5,482.87</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.09%</td>
<td>39,164.06</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.00%</td>
<td>2,038.34</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
The market could be digesting June&#8217;s strong gains, according to fund manager Louis Navellier. &#8220;The VIX is flat and the market is not moving with much conviction in either direction,&#8221; he said.&nbsp;&#8220;The market appears to want to move quietly into the month&#8217;s end tomorrow and lock in the gains already in place.&#8221;&nbsp;&nbsp;
LPL Chief Technical Strategist Adam Turnquist raised the specter of a potential pause or pullback in the second half of the year as the first half draws to a close. He noted that the equity market is entering the second half with &#8220;impressive momentum,&#8221; primarily powered by a handful of mega-cap names.
Among the positives that are supporting the upside are impressive earnings growth and easing inflationary pressure that provides scope for a Fed rate cut, he said.
&#8220;Technically, the S&amp;P 500 remains in a bull market and above its long-term uptrend, but overbought conditions — especially in technology and semiconductors— and notable divergences in market breadth point to a potential short-term pause or pullback in this rally,&#8221; Turnquist said. 
&#8220;Seasonality data suggests dips should be bought, as the S&amp;P 500 historically finishes higher in the second half, especially after a strong first half.&#8221;
Upcoming Economic Data:
<ul>
<li>The Bureau of Economic Analysis will release its personal income and spending report for May at 8:30 a.m. EDT. Personal income and spending may have increased 0.4% and 0.3%, respectively, month-over-month. This compares to the April rates of 0.3% and 0.2%. The annual rates of the personal consumption expenditure index and the core PCEI are expected at 2.6% each. In April, these measures rose by 2.7% and 2.8%, respectively.</li>
<li>The ISM-Chicago is due to release the results of its regional manufacturing survey at 9:45 a.m. EDT. The Chicago business barometer may have increased from 35.4 in May to 40 in June, still below the 50 mark that separates expansion and contraction.</li>
<li>The University of Michigan&#8217;s revised consumer sentiment index for June, due at 10 a.m. EDT, is expected to be revised up from the preliminary reading of 65.6 to 66, although lower than May&#8217;s 69.1. Traders may also focus on the inflation expectations readings of the survey.</li>
<li>Among the Fed speeches scheduled for the day are:
<ul>
<li>San Francisco Fed President Mary Daly at 8:40 a.m. EDT and 12:40 p.m. EDT</li>
<li>Fed Governor Michelle Bowman&nbsp;at 12 p.m. EDT</li>
</ul>
</li>
</ul>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li>NIKE, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) fell over 14.50% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the company&#8217;s earnings announcement. Under Armour, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UA#NYSE">UA</a>) moved in sympathy. </li>
<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) climbed over 9.50% after Donald Trump was perceived as the winner of the first presidential debate held late Thursday.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil advanced past the $82-a-barrel mark and gold futures also gained ground. The benchmark 10-year U.S. Treasury note rose 2.2 basis points to 4.31%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose modestly toward the $61.5K level.
Among equity markets, Asian stocks closed mostly higher, led by the Indonesian, Chinese and Japanese markets, as traders weighed in on the positive close by Wall Street stocks overnight, the presidential debate and the impending U.S. inflation. The New Zealand market remained closed for a public holiday. European stocks were mixed, with the French market pulling back, while the U.K. market firmed up following the release of revised first-quarter GDP data that came in stronger than initially estimated.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39542910/time-to-buy-small-and-mid-cap-stocks-cathie-wood-sees-broadening-rally-after-market">Time To Buy Small And Mid-Cap Stocks? Cathie Wood Sees Broadening Rally After Market Concentration Exceeds 1932 Great Depression Levels</a>
Stocks Photo by Jirapong Manustrong on Shutterstock

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Press Releases

UNDER ARMOUR REPORTS THIRD QUARTER FISCAL 2024 RESULTS; TIGHTENS FISCAL 2024 OUTLOOK

UNDER ARMOUR ANNOUNCES LEADERSHIP TRANSITION

Contracts

MILAYSIA FULWILEY SIGNS WITH CURRY BRAND

UNDER ARMOUR ANNOUNCES FOURTH QUARTER AND FULL-YEAR FISCAL 2024 EARNINGS CONFERENCE CALL DATE

UNDER ARMOUR REPORTS FOURTH QUARTER AND FULL-YEAR FISCAL 2024 RESULTS; PROVIDES INITIAL FISCAL 2025 OUTLOOK

UNDER ARMOUR ANNOUNCES AGREEMENT TO SETTLE CLASS ACTION LITIGATION

UNDER ARMOUR ANNOUNCES FIRST QUARTER FISCAL 2025 EARNINGS CONFERENCE CALL DATE

UNDER ARMOUR ANNOUNCES ERIC LIEDTKE AS EXECUTIVE VICE PRESIDENT OF BRAND STRATEGY

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