🔴 Under Armour is trading 4.2% down today after lowering its annual gross-margin improvement forecast

Under Armour is trading at $5.13, down 4.2% on November 6, after lowering its annual gross-margin improvement forecast.

• Fiscal second-quarter revenue fell 7% to $1.24 billion, while adjusted earnings slightly beat expectations.
• The company projected a steeper third-quarter sales decline than analysts expected; Reuters also cited broad product weakness and increased Middle East-related costs.
• The broader consumer-discretionary sector was not the main explanation for the company-specific earnings reaction.