Pursuits
Under Armour, Nike Tumble as Sports Authority Takes Toll
Sports Authority Liquidation Hits Nike and Under Armour
This article is for subscribers only.
Under Armour Inc. and Nike Inc. declined in New York trading after the Sports Authority Inc. liquidation and competition in the footwear market raised concerns about the athletic-apparel giants.
Under Armour cut its annual forecast on Tuesday, citing the demise of one of its largest customers, Sports Authority. Nike, meanwhile, was downgraded by Morgan Stanley and Bank of America Merrill Lynch. Analysts pointed to mounting competition -- including against Under Armour -- as well as fears of a broader slowdown.