Core Insights - Under Armour Inc's shares increased by 17.6% to $7.61, marking its best session since October 2018, following a surprise quarterly profit and an improved fiscal 2025 outlook [1] - The company reported adjusted earnings of 1 cent per share on revenue of $1.18 billion for the second quarter, surpassing analysts' expectations [1] - CEO Kevin Plank highlighted the company's "strongest product organization" in years [1] Stock Performance - Under Armour's stock is trading at levels not seen since a bear gap in mid-March, and it has rebounded above its 120-day moving average [2] - The stock is up 13.9% this quarter but remains down nearly 14% year-to-date in 2024 [2] Options Activity - There has been a significant increase in options trading, with bears outpacing bulls; 12,000 calls and 33,000 puts have been exchanged, which is 82 times the average intraday volume [3] - The most activity is noted at the September 7.50 put, indicating a bearish sentiment [3] - Under Armour's put/call open interest ratio (SOIR) stands at 8.18, ranking higher than 95% of readings from the past year, reflecting a consistent preference for bearish bets [3] Short Selling - Short interest in Under Armour has increased by 10.5% over the last two reporting periods, with 25.08 million shares sold short, representing 13.3% of the stock's available float [4]
Under Armour Stock Surges on Surprise Quarterly Profit