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Under Armour stock is not really down 50 percent

The ticker tells the truth and lies at the same time.

Under Armour's Class A common stock is trading for about $43 today, about half its closing price on Thursday.

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No, the sky didn't fall out of the footwear market. There's a perfectly reasonable explanation.

Under Armour completed its two-for-one stock split late Thursday, giving the owner of every share of its Class A stock a share of its new, non-voting Class C stock.

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The price of the new shares likely will track the old Class A shares very closely, meaning that combined they're basically worth what a Class A share was worth Thursday. (They closed at $85.96 each.)

Under Armour initiated the stock split last summer in order to maintain founder and CEO Kevin Plank's control over the Baltimore-based athletic apparel company.

During a shareholders meeting last year, Plank argued for the new class of stock as a way to maintain a "founder-led approach" to corporate governance that has resulted in soaring sales, profits and stock value for a decade.

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