UAA - Stock Market News: Sprint/T-Mobile's a Done Deal; Under Armour Takes a Punch
The stock market continued its impressive rally on Tuesday morning, with many popular market benchmarks hitting new all-time highs. Although concerns about the coronavirus outbreak persist, testimony from Federal Reserve chair Jerome Powell gave investors confidence that the disease wasn't yet having a major impact on monetary policy. As of 11 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 123 points to 29,400. The S&P 500 (SNPINDEX: ^GSPC) rose 22 points to 3,374, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 83 points to 9,711.
Among individual stocks, Sprint (NYSE: S) and T-Mobile US (NASDAQ: TMUS) got long-awaited good news that sent their shares soaring. However, Under Armour (NYSE: UA) (NYSE: UAA) wasn't so lucky, as investors reacted negatively to earnings.
Shares of Sprint soared 73% after the wireless carrier and its would-be acquirer, T-Mobile, got a key court victory. The ruling set the stage for the merger between the two carriers to go forward.