Friday’s Headlines: Everybody Wants Lululemon

Friday’s Headlines: Everybody Wants Lululemon

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Lemonade (LMND) +14.1%

Wix (WIX) +9.5%

Cloudflare (NET) +8.7%

Twitter (TWTR) +8.4%

Twilio (TWLO) +7.0%

Moving Down ⬇️

Duluth Trading (DLTH) -4.6%

Ford Motor Company (F) -3.5%

Chuy's (CHUY) -2.2%

Calavo Growers (CVGW) -2.1%

Sea Limited (SE) -1.8%

1. Lululemon’s (LULU) third-quarter earnings topped estimates on strong demand for workout gear, reporting sales of $1.1 billion, up 22% from a year ago and beating analysts’ estimates of $1.02 billion. Adjusted earnings per share (EPS) came in at $1.16 while net revenue in North America increased 19%, boosted by its e-commerce business, as shoppers flocked to both Lululemon’s stores and website to buy workout apparel. While the clothing industry has struggled due to global lockdowns, Lululemon is one retailer that has benefited greatly from consumers focusing on at-home workouts and opting for comfortable leisure clothing over formal wear. Read the full press release here

2. Twitter (TWTR) is partnering with Snap (SNAP) by launching a new feature for iOS to bring tweets into Snapchat with a native integration. Shares in Snap Inc rose 8% and Twitter’s stock gained 9.5% on Thursday upon the news. Mobile Twitter users who use Snapchat can access the functionality by sending the tweet to Snapchat where they’ll be able to react or comment on a Twitter post and either send it to a friend or share on their Snapchat story. Twitter also has plans to roll out the feature on Android potentially Instagram too. Read the full story here. 

3. Wall Street’s rollercoaster of a pandemic year was capped yesterday by one of the biggest tech IPO debuts in years as shares in Airbnb (ABNB) more than doubled on their first day of trading giving the company an  $86 billion valuation. Coming the day after DoorDash lifted its valuation above $70 billion with its IPO launch, Airbnb had a significant leap from the $44-$50 price range the rental marketplace company gave last week. The IPO debut came despite the damage Airbnb endured in 2020, which forced it to cut staff and raise an emergency financing round. Check out the story here. 

Some more earnings from last night. 

Costco (COST)
The membership-only warehouse company reported EPS of $2.29 on revenue of $43.2 billion, up 17% year-over-year (YoY) versus EPS of $2.09 on revenue of $43.1 billion expected. Costco shares have climbed 26% this year as its status as an essential retailer allowed it to stay open throughout the pandemic and attract new shoppers. Read the full press release here

Vail Resorts (MTN)
Vail Resorts managed double-digit growth due to it’s 2020-21 season passes as credits for last year’s pass holders helped the company. The mountain resort firm still reported a net loss of $153.8 million, or $3.82 a share, during its fiscal first quarter. Sales of $136 million were down 50.8% YoY due to restrictions and closures caused by the pandemic. Read the press release here

Get this week’s full earnings calendar here. 

NicoleNicole

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