Shares of Under Armour (UAA) closed lower by 8.6% to $18.30 on heavy trading volume on Tuesday afternoon, as the athletic apparel company plans to cut about 2% of its workforce and cut its sales forecast for the year.
Under Armour did post better than expected financial results for the second quarter, but that wasn't enough for investors.
Shares of global tech company Pitney Bowes (PBI) fell by 15.4% to $13.31 this afternoon after the company posted a second quarter earnings miss, although revenue was in line with expectations.
Pitney Bowes earnings came in at 33 cents per share, missing the 36 cents per share analysts had forecast.
Eaton Corp. (ETN) stock finished the day down by 5% to $74.26 on Tuesday afternoon, as the electric utility company posted second quarter earnings and revenue that were roughly in line with expectations. However, its electric product margins fell short of expectations and order growth did not accelerate despite an easing of comps.
Integrated Device Technology (IDTI) stock slumped by 2.7% to $25.43 this afternoon, following a rating downgrade to "underperform" from "neutral" at Bank of America/Merrill Lynch.
The downgrade comes as the firm anticipates slow organic growth.
Shares of Cummins (CMI) closed lower by 6.2% to $157.48 on Tuesday afternoon, after the company's second quarter EPS fell short of expectations, sales did beat though.
This story has been updated from its original publish time of 10:46 a.m.
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