Under Armor Intl ends its black May falling from the S&P 500 index



The value of Under Armor Intl shares has fallen by more than 50% so far in 2022.

(7-6-2022). Under Armor Intl has been removed from the S&P 500 index, after the last few difficult weeks experienced by the company as a result of the disappointing results of its last quarter that cost its CEO, Patrick Frisk, his head.

The S&P 500 Index is a stock market index in which the 500 companies with the largest capitalization in the United States are listed. Under Armor Intl will be removed from it as of June 21 and will be relocated to the S&P Midcap 400 index, according to a statement from S&P Down Jones.

The minimum capitalization of the new stock index where Under Armor will be placed is 3.6 billion dollars.

The Baltimore-based sportswear brand had been included in the S&P 500 since 2014. When it joined the index, it had a market capitalization of $9.45 billion. However, today its market capitalization is just over half, that is, 4,860 million dollars (4,541 million euros). After hearing the news of Under Armor’s fall from the aforementioned index, the brand’s shares have remained practically unchanged, but it must be remembered that their price has dropped by almost 50% since the beginning of the year.

This news comes to add to the black streak that the company is leading, which in its last quarter registered losses and nbo met sales expectations. At the time of reporting the results, its CEO, Patrick Frisck, argued them based on the incidence of circumstantial factors such as the challenges of the supply chain, the Covid restrictions in China and the increase in inflation.

Two weeks later, however, the company announced Frisck’s dismissal, two years after he was hired (in January 2020). The director officially met in his position last June 1.

Frisck’s vacancy has been taken over temporarily by Colin Browne, the company’s chief operating officer, while a successor to the fired manager is sought.

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