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The data is pretty clear -- negative reports on near term trends at UA are indeed having less of an effect on UA shares (best measured as relative to the MVR index). The first chart represents the performance of UA shares relative to the MVR over the 2-day period after a negative research note. Tough to miss that relationship. As you can see from both the trendline as well as the higher lows, the market is increasingly shrugging off incremental bearishness.

Casey Flavin

UA: Comfortably Numb? - UA Market Reaction to NegReports 7 09

UA: Comfortably Numb? - UA Reaction to SS