Under Armour warns 2nd quarter revenue could more than halve, shares tank

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(Reuters) – Under Armour Inc (UA.N) (UAA.N) forecast on Monday a 50% to 60% drop in second-quarter revenue as most of its stores remained closed because of the COVID-19 pandemic, sending the athletic apparel maker’s shares down about 11%.

FILE PHOTO: Products are displayed in an Under Armour store in New York City, U.S., November 4, 2019. REUTERS/Brendan McDermid

The Baltimore-based company also reported bigger-than-expected loss for the first quarter and revenue that missed Wall Street estimates.

About 80% of Under Armour’s business around the world remained closed since April, Chief Financial Officer David Bergman said,

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Oil prices drop amid supply glut, fears of 2nd coronavirus wave

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SINGAPORE (Reuters) – Oil prices slid nearly $1 a barrel on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic combined to cancel out support from supply cuts at some of the world’s top producers.

FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. Picture taken November 24, 2019. REUTERS/Angus Mordant/File Photo

Brent crude futures LCOc1 were down 73 cents, or 2.4%, at $30.24 a barrel by 0114 GMT, while U.S. West Texas Intermediate crude futures

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