Under Armour Stock Rose Due to Restructuring Plan Update
Under Armour (UAA) shares rose 6.6% on September 20, which made it the top gainer in the S&P 500 Index. The company updated its restructuring plan and guidance. Under Armour announced a 3% cut in its workforce—the second round of job cuts for the company after it cut 277 jobs last year. The company expects annual savings of ~$75 million from the restructuring plan beginning in fiscal 2019.