Shares of athletic clothing and shoes Under Armour Inc. slid 3% Friday to lead S&P 500 decliners, after The Baltimore Sun reported job cuts at the company’s Connected Fitness unit. The unit makes apps for wearable devices to allow users track fitness. About two dozen workers were affected, mostly in Copenhagen, Denmark, where Under Armour acquired fitness app Endomondo in 2015, the paper said. Under Armour stock was downgraded earlier this week at FBR & Co., where analyst Susan Anderson assigned it a rare underperform rating and slashed her price target to $14, or about 24% below its current trading level. Anderson said channel checks suggest a growing price war with Nike Inc. after UA’s entrance into department store chain Kohls Inc. . Under Armour shares are down 27% in 2017 so far, while the S&P 500 has gained 5%.
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