Stocks have been all over the map Thursday as investors still try to sort of which direction to go following the Fed's most recent statement on Wednesday. But that hasn't stopped shares of Under Armour (UA) from soaring on the day, up a hefty 23%. Schnikes, that's a lot. (Or is that competitively offensive, due to the verbal similarity to Nike (NKE)?)
Let's stick to Under Armour. The stock continues to trend higher after the company beat on earnings per share and revenue expectations, the latter of which grew a whopping 30.7% year over year. The results are doing more than sending the stock higher; they're vindicating long-term investors and management by completely turning some analysts' assessments on their head.
Most notably, analysts at Morgan Stanley downgraded the stock to underweight a few weeks ago, moving their price target down to $62 from $103. Analysts cited weak average selling prices and a loss of market share as its reasoning.
On the conference call, CEO Kevin Plank -- a man TheStreet's Jim Cramer said should never be bet against -- called the company an "all-weather business," silencing those who doubted Under Armour's ability to sell its merchandise due to unseasonably warm weather that kicked off the fourth quarter.
For some reason, his commercial is how I picture Kevin Plank's business philosophy: