Under Armour Shares Hit A Bogey, Downgraded At OTR Global

Under Armour Inc (NYSE: UA) shares were down 4 percent Thursday morning. According to Bloomberg, the stock was downgraded to Mixed by OTR Global.

The firm said Under Armour's U.S.. apparel sales were "below plan for 5 of 6 sources...on delivery delays" and "poor weather." Analysts said U.S.. 2Q15 footwear sales more mixed and the brand has been "held up by excellent demand for Curry basketball shoes but offset by disappointing demand for sport slides, running shoes."

Steph Curry is the NBA's most recent MVP who led the Golden State Warriors to the 2015 NBA Championship. Under Armour CEO Kevin Plank said during a conference call last month that the company is building a $1 billion brand around the point guard.

Related Link: Under Armour Is Accumulating Quite An Athlete Portfolio

#StupidStock Move of the Day! $UA looks more like Tiger than Spieth today. Down 4% after a boutique research firm downgrades it? Really?

— Paul R. La Monica (@LaMonicaBuzz) July 16, 2015

OTR said that U.S. apparel and footwear orders were up through December year-over-year "for 10 of 11 of its sources," who are still positive on brand for 2H15.

Both the stock and the company have also received a lot of positive buzz from golfer Jordan Spieth. The 21-year-old pro has won the Masters Championship and U.S. Open in 2015. Under Armour shares popped the following Mondays of each tournament.

Shares of Under Armour traded recently at $85.04, down 3.7 percent on the day. Shares are up more than 24 percent year-to-date.