Under Armour Stock Continues Plunge Amid Changes at the Top
How this impacts Tradepoint’s predictions of job growth is uncertain
The Baltimore Post”s recent article on the issue of the lease agreement with TPA has taken a new twist–the recent plunge of UA’s stock on Wall Street.
More changes at the top are only compounding the issues facing the once-top manufacturer of sports apparel. This article appeared in The Baltimore Sun regarding the changes in leadership, which generally cause a ripple effect on Wall Street.
This link will allow an up-to-the-minute account of UA’s trading on Wall Street.
This money report from CNN solidifies the serious trouble UA is facing.
There are many factors that have led to the steady decline in UA’s market value. One business executive the Post interviewed stated that a brand-name gets diminished by being featured in the lower-end spectrum of retail stores, which can have a major impact on the company’s marketing value. The executive also stated that UA had reached far beyond its capabilities in such projects as Port Covington.
Even the infusion of Goldman Sachs’ $320 million investment failed to spark major investors to the multi-billion dollar project.
TPA’s announced a large number of anticipated jobs to the site based on the building of UA’s 1,300,000 square foot logistical center at the old Bethlehem Steel site.
The most troubling aspect of this whole issue was a TPA executive praising the support of local politicians and their efforts to bring jobs to the area. The problem is that these jobs are not living wage jobs and will cost the taxpayers even more money in the end to offset the unskilled labor positions at TPA.
The Baltimore Post has repeated this time and time again. TPA does not manufacture or build anything. The entity is simply a landlord.
Sen. Johnny Salling, the 6th District Republican, stated this was a major concern and that he intended to bring this to the forefront before the Governor and the legislative body in Annapolis.
TPA’s ultimate goal is to become the largest logistical hub on the East Coast. That would devastate the East Side of Baltimore County and severely impact the Chesapeake Bay. Imagine, if you will, 28,000 tractor-trailers per day on a 24/7 rotation along with large container ships sitting off the waters of TPA awaiting to unload their cargo. Combine that with the dredging of decades-old contaminated material left behind by Bethlehem Steel and you get an even bleaker picture.
That is why Councilman Todd Crandell introduced and pushed through legislation 86 – 15 eliminating community input on matters involving TPA.
You won’t see any articles on this subject anywhere but The Baltimore Post.