Under Armour plunges after annual margin forecast cut

** Shares of sportswear maker Under Armour UAA.N down 12% at $4.83 premarket

** Co lowered its annual gross margin growth target blaming higher fuel and freight costs and warned of a bigger hit to its operating income from the conflict in the Middle East

** Expects annual gross margin to increase 170 basis points to 220 basis points vs prior expectation of 220 basis points to 270 basis points

** Posts Q2 revenue of $1.24 billion, slightly beating estimate of $1.23 billion - data compiled by LSEG

** Q2 adjusted loss per share of $0 vs estimate of 1 cent loss

** As of last close, stock up 12% YTD