Under Armour Stock Up On C-Suite Shakeup

Founder and CEO Kevin Plank will step down in 2020

Managing Editor
Oct 22, 2019 at 9:56 AM
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The shares of Under Armour Inc (NYSE:UAA) are in focus today, after founder and CEO Kevin Plank announced he will step down in 2020. Replacing him will be current Chief Operating Officer Patrik Frisk, who joined the company in 2017 and has been a key part in the retailer's recent three-year transformation plan.

The shakeup has Under Armour stock up 1.2% to trade at $20.34 this morning, on track for its highest close in roughly a month. It has been a roller coaster ride for the shares, which traded as high as $27.72 on July 25, only to fall as low as $17.64 less than a month later. UAA now sports a 15% year-to-date lead and is up 2.2% this quarter, a typically bearish period for the retailer. 

Calls are all the rage lately in the options pits. On the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day call/put volume ratio of 10.68 indicates traders have bought to open more than 10 UAA calls for every put in the past two weeks. This ratio ranks in the 99th annual percentile, indicating the rate of call buying relative to put buying has been quicker than usual.

However, there's a chance some of those calls could be short sellers seeking an options hedge against any additional upside. That's because 19.4% of UAA's total available float is sold short, which accounts for eight days' of buying power, at the stock's average pace of trading. 

 

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