Under Armour's stock surged 8.62% in pre-market trading on Friday, as investors positioned themselves ahead of the company's third-quarter earnings report scheduled for release before the opening bell.

The athletic apparel retailer is expected to report a quarterly loss of 1 cent per share, compared to a profit of 8 cents per share in the same period last year. Revenue is projected to reach $1.31 billion, down from $1.4 billion a year ago, according to analyst estimates.

Traders appear to be betting on potential positive surprises or improved guidance, with Wall Street analysts having recently revised their expectations for the company ahead of the earnings announcement. The pre-market surge suggests optimism about Under Armour's performance despite the anticipated year-over-year declines.