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The other shoe has dropped for struggling sneaker company Under Armour.Under Armour reported quarterly sales Tuesday that fell nearly 5% from a year ago, missing forecasts badly. The company also lowered its outlook for the year again.That news sent the company's two classes of stock down more than 15% Tuesday. They had already lost nearly half their value for the year ahead of the earnings report. (Under Armour's UAA shares have voting rights while the UA shares do not.)CEO Kevin Plank said in the earnings release that the biggest problem is lower demand for its shoes and athletic apparel in its home market of the United States.The Baltimore-based company has been growing internationally, with sales surging in Europe, Latin America and Asia during the quarter.But those markets are still relatively tiny for Under Armour. Revenue in North America makes up more than three-quarters of its overall sales -- and those sales plunged 12% in the third quarter.It's a stunning fall from grace for Under Armour, which not that long ago was gaining market share at the expense of Nike and Adidas.The company signed Golden State Warriors star Steph Curry a few years ago, a move that seemed like a slam dunk success, since Curry has gone on to win multiple NBA MVP awards and two championships.But several iterations of the Curry shoes have routinely been mocked on social media for not looking cool. Even Curry's teammate Kevin Durant, who endorses Nike, poked fun at Under Armour earlier this year.Making matters worse, there have been reports of supply chain issues with the new Curry 4 line of sneakers. And Under Armour confirmed during its conference call with analysts Tuesday that it will delay some products to the fourth quarter.Under Armour also suffered from bad PR earlier this year after Plank agreed to join the White House's now defunct manufacturing council. Plank said in an interview with CNBC that "a pro-business president is something that is a real asset for the country."Curry told The Mercury News that he agreed with Plank -- but only "if you remove the 'et' from asset." Other professional athletes have been vocal about their disagreements with Trump as well.As such, Plank -- like many other CEOs -- has distanced himself from Trump lately.After Trump was reluctant to criticize neo-Nazis at a white supremacist rally, he then bashed Curry for not wanting to visit the White House and attacked athletes who protested the national anthem. Under Armour has come to the defense of its star endorsers.But that hasn't been enough to rejuvenate Under Armour's flagging sales or stock price.Meanwhile, Adidas has thrived in the past year while Under Armour and Nike have both struggled. Even Skechers has enjoyed a resurgence lately.So what can Under Armour do to get back on track? Neil Saunders, managing director of the research firm GlobalData Retail, wrote in a report that the company should continue to focus on expanding globally, which has been successful for Under Armour.But Saunders added that the company has to do more to court women as consumers, as Nike, Adidas and yoga apparel king Lululemon have successfully done."Under Armour is not so broken that it cannot be fixed. But the days of glory, when it would post double-digit uplifts in sales, are over. Now is the time to work out, slim down, and become more competitive," Saunders wrote. 3394
The night sky will come alive this weekend when a green comet streaks by Earth on the heels of the Geminid meteor shower's display of green fireballs.Comet 46P/Wirtanen began brightening in November, but it will make its closest approach to Earth on Sunday and be visible with the naked eye. The comet will come within 7 million miles of Earth -- a proximity that won't happen again for 20 years. That's 30 times the moon's distance from us.The comet should be brightest on December 16, as bright as the star in the constellation of the Little Dipper's handle, according to NASA. But even now, it's currently the brightest comet in the night sky, and the brightest of 2018. 681
The Nasdaq closed in correction on Wednesday, with tech stocks sinking following disappointing results from Texas Instruments and AT&T.The index finished down about 4%. The Dow was down slopped about 600 points Wednesday afternoon.Microsoft (MSFT) will report its results after the closing bell Wednesday and analysts are estimating that the company will report an increase of nearly 15% for both sales and earnings per share, thanks largely to strength in its cloud business.Netflix already kicked off tech earnings season last week when it reported a healthy jump in subscribers. But the party was short-lived for it and fellow FANG stocks Facebook, Amazon and Google.Netflix (NFLX) rose more than 5% the day after its earnings report but has fallen 9% since then."You can't just say tech is going to do great or even that FANG is going to do great. You have to be more selective," said Daniel Morgan, senior portfolio manager with Synovus Trust Company. 974
The holidays are right around the corner, but Walmart won't be hiring for help.The retailer plans to meet its need for extra work during the holiday shopping season by giving existing employees more hours, according to a release from the company.Hiring seasonal holiday help is a tradition in retail. Walmart rival Target has already announced plans to bring on 100,000 temporary holiday workers.But Walmart's move is a sign of the tightening labor market which has made it difficult for employers to fill open positions. There were a record number of unfilled job openings nationwide in the latest government reading of the labor market. More than 600,000 of the open positions were from retail.It also can be seen as part of the effort by Walmart, the nation's largest private sector employer, to make jobs there more attractive and to cutdown on turnover.The company announced a series of pay raises for its lowest paid employees in early 2015, which took the minimum pay for most employees to an hour by last year, and the average pay for its full-time workers to about an hour. Part-time workers are paid about an hour on average.For part-time employees, additional hours could increase total pay more than an increase in hourly pay.Walmart says it employed the same strategy of more hours for existing employees during the holidays last year and "we heard great feedback from our customers and associates," according to Judith McKenna, chief operating officer of Walmart U.S.Walmart had 1.5 million U.S. employees as of Jan. 31, according to a company filing. 1585
The owner of Jeni's Splendid Ice Creams, Jeni Britton Bauer, turned to social media to demand that FedEx cut ties with the National Rifle Association.Bauer has shops in ten cities across the country - and is based in Central Ohio.On Monday, Bauer expressed her concern on Instagram, saying she would be willing to stop using the service if they didn't stop supporting the NRA.The caption stated:@fedex @fedexhelp #teamjenis loves you! But we’re not playing around. Our customers are demanding action from us. Drop your support of the NRA or we will be looking at other options. That’s almost 100,000 shipments — and more projected this year. 649