18 FEB 09 Under Armour, Inc. (NYSE:UA): While UA remains a premier brand, fewer people can afford to pay up for the gear and thus we don believe investors should pay up for the shares. We expect growth to slow and valuations to compress given the challenging economic environment. Initiating with SELL rating. INVESTMENT THESIS UA remains committed to maintaining its brand which we infer to mean pricing will remain relatively unchanged. Given distressed household budgets we expect this to lead to reduced unit sales. The best potential catalyst for the shares is the launch of UA line of running shoes. Given the macroeconomic backdrop we don expect this to provide the desired boost management is looking for. Big box retailers continue to suffer which adds an additional negative both due to reduced store count and hyper promotional activity within stores. UA has historically traded with a rich valuation and deservedly so until now. As with many growth stories, as growth slows multiples contract and we expect UA to be no different. We are initiating coverage with a SELL rating. RISKS Lesser penetrated categories such as Youth and International provide a lift to offset weakness elsewhere. The running shoe launch provides a meaningful catalyst in the near term while also opening up a large, new category for UA. SUMMARY When the going is good, it is good to be a premium brand growth stock. Unfortunately, as that growth slows multiples can contract quickly as investors recognize that slowdown. This is what we expect to occur with UA. It brand is synonymous with high performance athletic apparel and has become ubiquitous at the professional level in all major sports. Moving down the ladder, from college athletics to recreational exercise, people have migrated to high performance athletic wear, with UA leading the way. During times of economic wealth and strong employment, UA premium pricing was tolerable but that macro backdrop has now changed markedly. Given the discretionary nature of UA products, combined with the premium pricing, it is difficult to justify the expense in the face of constrained household budgets. At the professional level the price points are largely irrelevant but we contend that this market segment is already extremely well penetrated by UA and thus currently consists of sales as older apparel and gear wear out. Categories where UA has ample room to grow, such as Ladies and Youth, are more likely to be affected by substitution in our opinion. Taken together, these inputs all point to slowing growth for UA. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission.
NEW YORK (RNN) The Occupy Wall Street protestors are using the first day of May, or May Day, to ramp up their activism after a winter hiatus.Occupy protesters are demonstrating in Bryant Park in New York City in spite of rain and cold weather. They lined up outside a Bank of America building, and at the headquarters of the New York Times.The daily newspaper is involved in contract negotiations with the Newspaper Guild."Today we assert our power as working people. We declare our solidarity with all people of the world," the Occupy Wall Street website reads. "We affirm our rights to economic security, to meaningful work, to health care, to public services, to safe and healthy communities, to free, quality public education from pre K to college, and to civil liberties."The Occupy organized "May Day: A day without the 99 percent" on the day traditionally known as International Workers Day urges the 99 percent to take a day off from work, school and shopping.The hope is that so many people will be missing from commerce and society that their absence will disrupt the lives of the 1 percent, and that the needs of the general public will be met, and not those of corporations."We the ones that make society run," said one Occupy Wall Street organizer. "And policies should be oriented towards providing for us and not just looking to lobbyists and bankers."CNN has reported the number near Bryant Park as around 50. However, live feeds from the event show many more than that.Organizers expect hundreds for the Solidarity March, which will include Occupy protestors and labor unions. ET at Union Square and end at Wall Street.Some violence has already broken out in San Francisco. A police station was vandalized with paint and windows were broken. Cars business and other property were also vandalized.Occupy San Francisco protestors were planning to shut down and protest on the Golden Gate Bridge, but have called off the blockade.The group, along with bridge and bus workers, is instead protesting ferry terminals around the city. A strong police presence is still on the bridge.Two lawsuits were filed Monday, one by Occupy Wall Street protestors and the other by four New York City council members alleging that various public and private agencies violated their constitutional right to free speech, improperly photographed protestors who were arrested, interfered with journalists, improperly detained people for hours without charges, and excessive force.Wholesale Nfl Jerseys
Pitcher Alex Meyer of the Minnesota Twins poses for a photo at spring training in Fort Myers, Fla., on Tuesday, February 25, 2014. (Pioneer Press: Ben Garvin)Sep 6:Charley Walters: Vikings QB Matt Cassel confident to start seasonAug 30:Charley Walters: Adrian Peterson has good years ahead, Foreman saysAug 23:Charley Walters: New Timberwolves forward Andrew Wiggins called 'the whole package'Aug 16:Charley Walters: What if Teddy Bridgewater doesn't pan out?Aug 9:Charley Walters: Ex Viking Matt Birk begins NFL front office climbAug 2:Charley Walters: Timberwolves likely to trade Kevin Love by late AugustJul 26:Charley Walters: No chance Kevin Love will stay with TimberwolvesJul 12:Charley Walters: Former Twins Oliva, Kaat deserve place in Hall of Fame, Carew saysJul 5:Charley Walters: Thomas Vanek signing is big; so is new Xcel scoreboardJun 21:Charley Walters: Kevin Love's job hunting is 'free enterprise,' ex Gopher Mychal Thompson saysJun 14:Charley Walters: Vikings' Christian Ponder realizes his role with teamMay 17:Charley Walters: Twins are 'beating expectations,' team president saysMay 10:Charley Walters: Wild's Yeo doing all he can to win in Chicago Although Alex Meyer and Trevor May are excelling at Class AAA Rochester, it still looks as if it might be a while before Twins fans get to see the organization's top pitching prospects in Minneapolis. Meyer, 25, a 6 foot 9, 220 pound right hander, has struck out 54 in 45 2/3 innings while allowing just 37 hits in nine starts (2 1, 3.55 earned run average). May, 24, a 6 5, 215 pound righty, has 47 strikeouts in 43 innings while giving up 30 hits in eight starts (3 3, 3.35 ERA). "I think we're going to stay the course and let them continue to develop," Twins assistant general manager Rod Antony said. "Meyer only pitched 70 innings last year, and this is his first year in Triple A. "It's good to have those (major league) options if we need to go get somebody, but right now I don't think that's necessary. We'll let them continue to do well." The Twins' top nonpitcher prospects outfielder Byron Buxton, 20, and infielder Miguel Sano, 21 continue to rehab at the club's Fort Myers, Fla., base Buxton with a sprained wrist and Sano after ligament replacement surgery last March. There's a chance that Sano could resume playing toward the end of the season and possibly play winter ball. There is no time frame on Buxton. Rochester's 3.16 team ERA is the best in Class AAA baseball. Don't think the NFL didn't have other cities seeking new stadiums in mind when it awarded Minnesota the 2018 Super Bowl as an incentive. Next up for new venues for the league to push are San Diego, Oakland, St. Louis and Buffalo. Barely half of the Vikings' current roster will still be with the team when it opens in its new stadium in 2016, let alone 2018 for the Super Bowl. The latest college to offer 6 4, 265 pound Cretin Derham Hall junior defensive end linebacker Jashon Cornell is Alabama, which last week joined Penn State, Iowa and Pittsburgh as schools that had coaches at the St. Paul school. Cornell hasn't ruled out the Gophers. Tim and Brad Salem, sons of former Gophers football coach Joe Salem, are top football assistants at Illinois and Michigan State, respectively. Former Gophers power forward Trevor Mbakwe, playing for Roma Virtus in Saturday's European championship victory over Cantu, scored 14 points with 20 rebounds and five blocked shots. It was Mbakwe's third straight double double performance. It won't be surprising if he gets invited to the Timberwolves' training camp. It has been an interesting spring for former Gophers pitcher Seth Rosin from Mounds View. The 6 6, 265 pound right hander was with the Los Angeles Dodgers when they opened the season against the Arizona Diamondbacks in Australia. Abruptly released, he was claimed by the Texas Rangers and made their roster, earning his first major league victory over the Philadelphia Phillies. The Rangers subsequently waived Rosin, 25, who now is pitching for the Phillies' Class AAA Lehigh Valley IronPigs. Ex Twin Johan Santana, 35, is just a few weeks away from trying to make a comeback in the Baltimore Orioles' farm system. Former Vikings coach Bud Grant's garage sale, which ended Friday afternoon, fetched $2,100 via silent auction for the hall of famer's large purple Metrodome Ring of Honor sign. 14, 2011, in Detroit. Olympic Training Center in Colorado Springs, Colo. The United States will host the Under 18 World Championship on June 20 24 in Colorado Springs. The 6 2 Jones, who is up to 180 pounds, leaves for Duke to take two summer classes on June 29. Duke and Jones play at Wisconsin on Dec. 3 as part of the ACC Big Ten Challenge. Jones' brother Tre, an eighth grader who also is a superb point guard at Apple Valley, broke his collarbone in January, then rebroke it, but last week received clearance to resume workouts and will attend a Gophers summer basketball camp in June. The San Diego Padres, who hosted the Twins on Tuesday and Wednesday, play the Twins Aug. 5 6 at Target Field. It looks as if July 5 will be the day that the Twins honor the Yankees' Derek Jeter at Target Field during his retirement season tour. Look for Major League Baseball to pay tribute to Jeter during the All Star Game on July 15 at Target Field. It'll be interesting to see whether baseball acknowledges the all star contributions of St. Paul born Dave Winfield, Paul Molitor, Joe Mauer and Jack Morris during all star week. The foursome has a composite 30 all star appearances, Winfield with the most (12).