S&P 500 top movers: Under Armour Inc (UAA) shares jump to 18-month highs on strong earnings

• S&P 500 lost its traction after notching new record high.
• Under Armour Inc (UAA: NYSE) shares post impressive gains on strong earnings figures.
• Akamai Technologies Inc (AKAM: NASDAQ) drops more than 10%.

The S&P 500 Index (SPX) started the day in the positive territory and renewed its record high at 3,931 but lost its momentum. As of writing, the SPX was down 0.17% on the day at 3,905.

S&P 500 top movers

Under Armour Inc (UAA: NYSE) reported quarterly adjusted earnings of 12 cents​​ per share for the quarter ended in December, compared to analysts' estimate for a loss of 5 cents per share. Furthermore, the company's annual revenue of $1.4 billion surpassed the market expectation of $1.25 billion by a wide margin.

Boosted by the upbeat earnings reports, UAA is the best-performing stock on Wednesday, gaining 9% and trading at its highest level since August 2019 at $22.60.

Among the other top gainers, Twitter Inc (TWTR: NYSE) and Enphase Energy Inc (ENPH: NASDAQ) shares are up 8.6% and 7%, respectively.

On the other hand, Akamai Technologies Inc (AKAM: NASDAQ) shares are down 11.5% on the day at 104.42 after the company announced a reorganization and a new CTO while reporting earnings per share of $1.33.