Stocks – Under Armour Slumps; Coronoavirus to Hit Sales

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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.

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