Why Under Armour Stock Just Jumped 7%

Why Under Armour Stock Just Jumped 7%

Shares of sportswear maker Under Armour (NYSE: UA) (NYSE: UAA) went on a tear in Wednesday trading and were up 7.4% as of 2:15 p.m. EDT. The jump wasn't because of anything Under Armour did, but because of something its archrival Nike (NYSE: NKE) just did. Last night, Nike reported first-quarter 2021 earnings results that raced past expectations with $10.6 billion in revenue, which was down 1% year over year but still 16% ahead of analyst estimates.