Stocks – Under Armour Slumps; Coronoavirus to Hit Sales

Under Armour (NYSE:) stock plummeted over 14% in Tuesday premarket trading to its lowest in over two months, after the sports gear company released disappointing fourth-quarter earnings and revenue and gave weak guidance.

The retailer is expecting the coronavirus outbreak in China to lower sales by roughly $50 million to $60 million during the fiscal first quarter.

“Ongoing demand challenges and the need to drive greater efficiencies” were responsible for the shortfall, according to a statement from Chief Executive Patrik Frisk.

German rival Adidas’d (DE:)’ stock also fell over 2% on the news to its lowest in over two months.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.