Diamonds and Dogs
Under Armour (UAA) up 4% after cutting 400 jobs or 3% of their workforce as part of the sportswear maker's efforts to slash costs and to compete with Nike and Germany's Adidas. Under Armour now expects its pretax restructuring charges for the year to be between about $200 million and $220 million, with the workforce reductions resulting in about $10 million in severance charges. Under Armour shares have run up 34.4% year to date through Wednesday, while rival Nike Inc.'s stock has climbed 36.3% year to date. Nike has sold out 61% more merchandise since the controversial ad campaign featuring former NFL player Colin Kaepernick appeared earlier this month
Red Hat (RHT) is in the red. The Linux open-source software firm is down 6% following earnings. Earnings beat expectations, but sales which grew 14% were light of expectations. The company also lowered guidance for the current quarter. Red Hat's CEO, Jim Whitehurst, insisted that the company is not losing market share, but investors are not so sure.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.