What happened
Investors were pushing up Under Amour's (UA 2.14%) (UAA 2.16%) share price this morning after the company named a new independent director to its board. Additionally, investors were pleased to hear that a potential coronavirus vaccine is doing well in early human testing.
Under Armour's stock was up 7.9% as of 11:20 a.m. EDT.
So what
Under Armor's shares have been pummeled by the coronavirus as consumers around the globe haven't been able to venture into stores for months and many others have limited their discretionary spending. The company is trying to build a strategy for handling the virus and one of its latest moves came today as it announced that Mohamed El-Erian, a current Under Armour board member, is the company's new lead independent director of the board.
Image source: Getty Images.
El-Erian said in a press release that, "As the company continues to navigate a complex set of challenges, the combination of a well-constructed playbook, exceptionally talented teammates and the power of this brand ensures that Under Armour is well positioned to realize its considerable potential."
Investors have been looking for any news that retailers are addressing the unprecedented impact of the pandemic, and it appears they were encouraged by the company's latest move today.
Investors were also likely happy to hear that a potential coronavirus vaccine being developed by Moderna is experiencing some early success. The S&P 500 jumped 3% on the news this morning.
Now what
Under Armour's stock is down nearly 52% over the past three months as the pandemic has devastated the retail industry. Investors may be optimistic about the company's news today, but it's very likely that the company, along with many others in the retail industry, will still have to face a significant amount of uncertainty in the coming months.
