Under Armour shares fall as investor day kicks off

Under Armour's stock fell in premarket trading Wednesday, as the retailer kicked off its annual investor day.

Its shares were last down nearly 4 percent. The stock as of Tuesday had rallied more than 70 percent from a year ago, bringing the company's market cap to roughly $9.4 billion.

Going into the meeting, analysts and investors are somewhat skeptical the retailer will be able to continue to grow sales, especially in the U.S., where the market is very competitive and has been plagued by wholesale retailers like Sports Authority going bankrupt.

Nomura Instinet analyst Simeon Siegel said sales in North America, which have been primarily fueled by apparel in past quarters, "may have capped."

Under Armour earlier this year said it expects revenues for the full year to be up between 3 and 4 percent, with sales in the U.S. falling, while international revenues continue to climb. Siegel said the company could benefit from "cleaning up its product margins" and selling more directly to consumers.

This is a developing story. Please check back for updates.

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