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News Breaks
December 10, 2013
10:39 EDTLULUAnalysts upbeat on lululemon choice for new CEO
Athletic apparel maker lululemon (LULU) announced that it had hired Laurent Potdevin as its new CEO. The company also announced that its chairman and founder, Chip Wilson, would resign. WHAT'S NEW: Potdevin will take the helm at lululemon in January, the company stated. Potdevin has more than two decades of experience at "premium, technical athletic apparel, and lifestyle-centric retail companies," lululemon stated. Moreover, Potdevin, who was most recently president of TOMS Shoes, also has a "proven track record of success in building global brands," the company added. Wilson will step down as chairman prior to lululemon's annual meeting in June 2014, the company stated. ANALYST REACTION: In a note to investors, Oppenheimer analyst Anna Andreeva predicted that the market would be pleased by the selection of Potdevin, given his "numerous years of experience" as CEO of Burton Snowboards, which has given him "a strong active lifestyle background." Moreover, Potdevin led TOMS' expansion into emerging markets, which should be viewed as positive experience for lululemon, added the analyst, who kept a Perform rating on the stock. Canaccord Genuity analyst Camilo Lyon was also upbeat on the pick. TOMS has become one of the fastest growing global footwear brands and seems to have a similar culture to lululemon ,the analyst contended. Moreover, Potdevin's experience with global brands should help lululemon grow in international markets, added Lyon, who kept a $90 price target and Buy rating on the shares. PRICE ACTION: In mid-morning trading, lululemon added 0.5% to $70.70.
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April 21, 2014
16:40 EDTLULUOn The Fly: Closing Wrap
Stocks on Wall Street were higher for the fifth straight session. Volume remained light on this Monday following Easter, as a number of international markets remained closed. The averages spent time on both sides of the flat-line early in the trading day before settling into a narrow range in positive territory for most of the second half of the session. ECONOMIC EVENTS: In the U.S., the Chicago Fed national activity index fell to 0.20 in March, matching the consensus forecast. The Conference Board's index of leading indicators rose 0.8% in March, beating the consensus forecast for an increase of 0.7%. COMPANY NEWS: Ford (F) is preparing to announce that its Chief Operating Officer, Mike Fields, will take the CEO role at the company following the retirement of current CEO Alan Mulally later this year, according to a report from Bloomberg. Shares of Ford were little changed for the session following the report, losing 2c, or 0.13%, to close at $15.98... U.S.-listed shares of British pharmaceutical company AstraZeneca (AZN) gained $5.61, or 8.84%, to $69.10 after the U.K.'s Sunday Times said Pfizer (PFE) has takeover interest in the company. Analysts had mixed opinions on the report, with Citigroup saying a bid looks "highly probable," while analysts at Bernstein think such a deal would conflict with Pfizer's strategy of getting smaller. Shares of Pfizer rose 61c, or 2.02%, to $30.86 following the report... MAJOR MOVERS: Among the notable gainers was Sarepta Therapeutics (SRPT), up $9.58, or 39.26%, to $33.98 after announcing plans to submit a New Drug Application to the FDA by the end of this year for the approval of eteplirsen for the treatment of Duchenne muscular dystrophy. Also higher was Advanced Micro Devices (AMD), which rose 43c, or 11.65%, to $4.12 after the semiconductor manufacturer reported earnings and revenue that topped expectations after the close on Thursday. Among the noteworthy losers was MoneyGram (MGI), down $2.01, or 13.57%, to $12.80 in its second straight losing session after Wal-Mart (WMT) announced that it was launching its own money transfer service. MoneyGram's slide today comes after the stock dropped by more than 18% on Thursday following Wal-Mart's announcement. Also lower was lululemon (LULU), down $2.64, or 5.11%, to $49.07 after analysts at Sterne Agee said the company's investor day presentation, held on Thursday, did not include a substantive plan to grow same-store sales. INDEXES: The Dow was up 40.71, or 0.25%, to 16,449.25, the Nasdaq was up 26.03, or 0.64%, to 4,121.55, and the S&P 500 was up 7.04, or 0.38%, to 1,871.89.
14:44 EDTLULULululemon shares weak after 'uneventful' analyst day
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08:46 EDTLULUlululemon Analyst Day uneventful, says Sterne Agee
Following lululemon's Analyst Day, Sterne Agee says that the company did not present a significantly substantive plan to increase its same-store sales. The firm thinks the company's product looks good, but that its women's product is too focused on its loyal customers. Sterne Agee keeps an Underperform rating on the stock.
07:34 EDTLULULululemmon granted dismissal of U.S. yoga pant lawsuits, Reuters says
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April 17, 2014
07:31 EDTLULULululemon faces increased competition in yogawear industry, Reuters says
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April 15, 2014
09:39 EDTLULUlululemon to host analyst day
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07:01 EDTLULUlululemon can ease competition concerns at analyst day, says Canaccord
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