Lululemon Stock Drops 18% After Disappointing Earnings Report
Shares of Lululemon (NASDAQ: LULU) fell by nearly 18% following a disappointing fiscal Q2 earnings report. The decline marked one of the largest single-day drops in recent memory for the athletic apparel company, which is currently the top holding in Michael Burry’s portfolio. Michael Burry, known for his role during the 2008 financial crisis and as portrayed in 'The Big Short,' described Lululemon as being in a state of crisis. He noted that this situation has occurred multiple times over the years, suggesting ongoing challenges at the company despite its previous success. Burry also indicated he is watching for potential buying opportunities if the stock continues to trade below $100 per share.
Tickers: $LULU