Under Armour just saw its stock price collapse by nearly 17% in a single session, and the charts are looking brutal. The brand with the "X" logo just admitted that its massive "reset" is going to take much longer—and cost much more—than anyone anticipated. Despite a tiny revenue beat, the company slashed its 2027 earnings outlook to nearly half of what Wall Street expected, signaling that the road to recovery is full of potholes.

In this episode of Implied, we dive into the $305 million restructuring plan that’s dragging on the bottom line and why the brand is currently stuck in a "no man's land" between premium giants like Lululemon and scale leaders like Nike. We discuss the strange disconnect between institutional "smart money" buying the dip and the reality of North American sales slidi ...