When you think about tech, don’t assume the category is just limited to hardware, software and Internet companies, “Mad Money” host Jim Cramer said Tuesday. The real essence of tech, he said, is innovation. Take Under Armour, for example.
The athletic apparel maker never stops innovating, Cramer said. It made a name for itself by inviting moisture-wicking, compression fit apparel that helped keep bodies at the right temperature, and is now using technology to invent advanced new products that Cramer thinks will help it take share in additional markets.
Under Amour has created cotton apparel that dries five times faster than normal cotton, and has rolled out Storm, its new line of water resistant hoodies. Next month it is launching its new ColdBack technology, which reflects the heat of the sun to make athletes feel cooler.
Cramer thinks the technological edge allows the company to maintain its pricing power and status as a premium brand. It also allowed the company to grow revenues by 38 percent last year.
“The stock is a buy, even up here at these levels,” he said, even though it is only a couple points away from its 52-week high.
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