New highs –mainly from the US -dominated the market
action on Tuesday, as traders cheer a relatively healthy round of blue-chip earnings reports. A value to be highlighted was Under Armour, which reached a historic growth peak of 6%.
Under Armour was the main character of the session when it surged 6% to an all-time high. The stock cleared an 81.62 buy point in a high handle. With about two hours left in the session, the stock has already traded its average daily volume. Under Armour originally passed an 80.10 buy point from a cup base July 5 in slightly above-average trade, to soon pulling back. So far, the company racked up an impressive gain of 41.6% in 2011, and is now on pace for its first-ever weekly finishing above the $80 level. Looking ahead, another well-received earnings report could help UA continue its quest for new highs. The company is due to confess its second-quarter results next Tuesday, July 26, and UA has surpassed the Street's bottom-line estimates in each of the past four quarters. Currently, analysts are looking for a profit of 8 cents per share, little changed from 7 cents in the year-ago period.
Similar cheerful expectations arose about Nordstrom. According to TheStreet, the outdoors apparel firm has a new 52-week high Tuesday as it is currently trading at $50.96, above its previous 52-week high of $50.91 with 595,269 shares traded as of 10:36 a.m. ET. Average volume has been 2.6 million shares over the past 30 days.
Following latest updated research by China Analyst, 10 fastest-growing companies are led by Lululemon Athletica, which long-term annual EPS growth is expected to be 25.8%. This number is based on the average estimate of 9 brokerage analyst.
Finally, the4 corporate news on Tuesday were owned by G-III Apparel Group, that announced that it has named Ms. Cheryl Vitali, a seasoned marketing and branding executive from the cosmetics industry, to serve on the Company's Board of Directors. Ms. Vitali is currently the Worldwide General Manager for Kiehl's. The company ended up in the Top 5 Winners within the FashionUnited Top 100 Index, adding 0.18% to its previous day mark.