Chinese authorities launched an investigation after a fireworks show in Tibet sponsored by Amer Sports (AS)’ Arc’teryx sparked a backlash on social media because of concern about the effect on the environment, Bloomberg reports. Arc’teryx apologized and pledged remedial actions, acknowledging insufficient assessment of the boundaries of artistic expression, and will engage a professional environmental protection agency to conduct a transparent assessment. Shares of Amer Sports are down over 5% in premarket trading.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AS:
- Amer Sports price target raised to $38 from $35 at Wells Fargo
- Balanced Hold Rating on Amer Sports, Inc.: Growth Potential Priced In, Path to Earnings Revisions Needed
- Amer Sports price target raised to $46 from $45 at Baird
- Amer Sports price target raised to $50 from $42 at Citi
- Amer Sports, Inc.: Strong Growth Potential and Strategic Positioning Justify Buy Rating