Neither Under Armour (UA - Get Report) or Nike (NKE - Get Report) was getting a lift from the performance of their athlete endorsers in early morning trading Tuesday after the Golden State Warriors beat the Cleveland Cavaliers to win the NBA Championship Monday night.
Golden State point guard Steph Curry is the face of Under Armour's foray into basketball shoes and Finals MVP Kevin Durant has one of Nike's most successful signature shoes.
However, Nike shares were down 8 cents, or 0.15%, to $53.95, while Under Armour shares were down 18 cents, or 0.85%, to $21.01.
What's Hot on TheStreet
Nvidia underwent a "key reversal" on Friday that could send the stock plunging another 36%, BMO technical analyst Russ Visch said in a new note. Visch points out that normally, these pullbacks tend to lead to the stock falling back to its 200-day moving average. In the case of Nvidia, the 200-day moving average is $96.70, or $36% below Monday's closing price of $149.97. "Considerable downside risk exists here," said Visch.
On Friday, shares of Nvidia were off to another big rally, hitting new all-time highs of $168.50 following an analyst pontificating the stock could surge to $300. But the party abruptly ended Friday afternoon and continued into most of Monday's trading session. The reversal in one of the hottest tech stocks around spooked the market, pressuring shares of other high-flyers in the space such as Amazon (AMZN - Get Report) and Apple (AAPL - Get Report) .
Apple and innovation: The reality of the here and now is that the public and would-be buyers of Apple's stock harbor greater doubts about Apple's ability to innovate than in many years, reports TheStreet. Apple did nothing to quiet those concerns by introducing its new voice activated speaker, sources explained to TheStreet.
Visit here for the latest business headlines.