Why Salesforce, Under Armour, MGM Resorts and Other Stocks Are on the Move on Wednesday?

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Markets slipped on Wednesday amid a report depicting a weakening economy of China. Some of the stocks which investors are watching closely today are Under Armour Inc (NYSE:UA), MGM Resorts International (NYSE:MGM), Boyd Gaming Corporation (NYSE:BYD), salesforce.com, inc. (NYSE:CRM) and Demandware Inc (NYSE:DWRE). Let’s analyze why these stocks are making moves today and see what hedge funds think of them.

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Under Armour Cuts Its Estimates Amid Sports Authority Bankruptcy

Shares of Under Armour Inc (NYSE:UA) fell by more than 5% today after the company slashed its revenue guidance for the full year, citing the closure of Sports Authority stores.  Sports Authority filed for Chapter 11 bankruptcy protection back in March. In a statement on Tuesday, the Baltimore based sports and clothing company said that it expects its 2016 revenue at $4.925 billion, down from an earlier estimate of $5 billion and  analysts’ estimates of $5.02 billion. Under Armour expects to take an impairment charge of about $23 million related to Sports Authority’s bankruptcy this quarter. The company only earned $43 million in revenues from Sports Authority this year, much less than the expected $163 million. Out of the nearly 766 funds tracked by Insider Monkey, 21 funds were positioned in Under Armour Inc (NYSE:UA) as of the end of the first quarter of 2016. Columbus Circle Investors owns 763,538 shares of the company.

On the next page, we will discuss MGM Resorts, Salesforce and Demandware.

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