SAN FRANCISCO — Shares of sports apparel maker Under Armour dropped nearly 6 percent on Monday, a day after defending champion Jordan Spieth lost the Masters golf tournament in a shocking meltdown.
Spieth last year signed a 10-year agreement to wear the No. 2 U.S. sportswear maker's golf shoes and other clothes, and his collapse in Sunday's final round appeared to be partly behind the drop in the company's shares.
Also hurting the stock, Morgan Stanley said in a note that Under Armour, a leader in "athleisure," appears to be losing market share for the first time in three years.