Under Armour (UA) shares are currently in free-fall.  Since peaking just above $53 in September 2015, UA shares have now fallen 40%.  The last three trading days have been especially painful.  On Tuesday the stock fell more than 13% on an earnings report that investors were clearly not happy with.  Then we saw downside follow-through both yesterday and today.

2015 was a banner year for Under Armour (UA) — not only for its stock price — but for its two main athletes, Steph Curry and Jordan Spieth.  2016 has been the complete opposite.

Below is a chart of UA that shows Spieth’s and Curry’s spectacular accomplishments in 2015.  Spieth signed a 10-year deal with UA in January 2015, then he went on to win the Masters that April.  In June, Spieth won back-to-back majors by taking the US Open, and at the same time, Steph Curry was locking up the 2014/2015 NBA MVP award along with his first NBA title with the Warriors.

Things started to turn when Spieth failed to win his third major in a row at the British Open in July 2015.  At the time, there was all kinds of talk about Spieth’s chances of completing the “grand slam” in 2015 by winning all four majors, but his failure to win the British Open put that talk to rest.  In 2016, Spieth failed to win any majors, and while Steph Curry did win another MVP award in the 2015/2016 NBA season, he suffered a bad loss to Nike’s Lebron James in the Finals this past June.

After this week’s losses, Under Armour shares have now given up all of their 2015 gains.  Investors are indeed hoping for some wins again.

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