Tech's hottest IPOs of the year, including Beyond Meat and Zoom, dropped on Monday, falling more than the broader market.Technologyread more
"We do not seek conflict with Iran or any other country," Trump tells reporters in the Oval Office.Politicsread more
Stocks in Asia were tepid in Tuesday morning trade, while investors looked toward to a meeting between U.S. President Donald Trump and Chinese President Xi Jinping set to...Asia Marketsread more
Chinese Vice Premier Liu He held a phone conversation with U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin, China's Ministry of Commerce...World Economyread more
Sen. Bernie Sanders announced a plan Monday to forgive the country's $1.6 trillion outstanding student loan tab, intensifying the higher education policy debate in the 2020...Personal Financeread more
While earnings usually come in substantially ahead of expectations — as much as 4 or 5 percentage points is not unusual — the downward direction in the outlook doesn't speak...Earningsread more
U.S. President Donald Trump's senior adviser Kellyanne Conway will not testify before the House of Representatives Oversight Committee this week on her alleged violations of...Politicsread more
"We missed being the dominant mobile operating system by a very tiny amount. We were distracted during our antitrust trial. We didn't assign the best people to do the work,"...Technologyread more
PatientsLikeMe was bought by UnitedHealth following a review by Trump's Treasury Department, which scrutinized the start-up because it's backed by Chinese cash.Technologyread more
Some traders think the energy rally is about to wane, despite the sector being one of June's big winners.ETF Edgeread more
Stocks with this one feature are poised to crush the market after a rate cut, according to Goldman Sachs.Marketsread more
Dick's said sales of Under Armour, which has been moving into more low-price retailers like , declined during the fiscal second quarter. The moves by Under Armour have frustrated companies like Dick's that try to sell inventory at higher prices. Shoppers are now seen flocking elsewhere for a better bargain.
Under Armour shares initially fell more than 7 percent Wednesday morning on the news but later pared those declines and closed the day up less than 1 percent. Dick's shares closed the day down about 2.2 percent.
A representative from Under Armour declined to comment on this story.
"As expected, sales were impacted by the strategic decisions we made regarding the slow growth, low margin hunt and electronics businesses, which accounted for nearly half of our comp decline," Dick's Sporting Goods CEO Ed Stack said in the company's earnings release. "In addition, we experienced continued significant declines in Under Armour sales as a result of their decision to expand distribution."
On a call with analysts and investors, Stack went on to say that the challenges with Under Armour should subside in 2019, as Dick's finds new inventory — including fresh items from Under Armour — to fill its shelves.
"Our Under Armour business has been difficult," the CEO said. "We are ... looking at how we can grow moving forward. ... Between us, we think we are going to get this figured out."
Stack said he's excited about Under Armour displaying more "premium" merchandise at Dick's stores, like the HOVR sneaker, and sneakers and clothing from Under Armour's new line with Dwayne Johnson.
"There will be a significant change [at Dick's] in the direction of Under Armour," he told analysts and investors Wednesday morning.
Under Armour shares have still climbed more than 45 percent so far this year, bringing its market cap to about $9.4 billion. Shares of Dick's Sporting Goods, which also fell sharply in early trading Wednesday before regaining some ground, are up more than 20 percent over the same time period.