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The company reported a beat this morning prompting Under Armour shares (+7%) higher and just shy of $15.00/share. The stock is trading presently in a tight range pre-market between 14.50 to 15.29. Marketsmith charts show support at the 21d moving average, where buyers responded on Thursday.
Under Armour (UAA) Reports a Beat Q2 EPS $0.26 vs. Street Est. of $0.03
“Under Armour (UAA) reported 3rd Quarter September 2020 earnings of $0.26 per share on revenue of $1.4 billion. The consensus earnings estimate was $0.04 per share on revenue of $1.2 billion. The Earnings Whisper number was $0.04 per share. Revenue grew by 0.2% on a year-over-year basis.
The company said it expects a 2020 loss of $0.49 to $0.47 per share with revenue down at a high-teen percentage rate or revenue of approximately $4.35 billion. The current consensus estimate is a loss of $0.68 per share on revenue of $3.89 billion for the year ending December 31, 2020.”
Earningswhispers.com
Under Armour will sell its MyFitnessPal platform to Francisco Partners in a transaction valued at $345 million.
Price action has been forming the right side of a cup pattern for the past 6 weeks, fading to the 21d moving average over the past few days. Volume picked up on Thursday going into the Q3 report.
If price action remains firm, we are looking to trade UAA above 15.00 targeting a measured move (depth of pattern) of +5pts or $20.00/share. If price action fails to confirm we will pass.
In other news Apple, Facebook, Google, and Amazon reported earnings, setting the tone going into the opening bell. All are lower with the exception of Google (+125.26 at 1682.14).
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Happy Trading,
Vinny
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