A Wall Street favorite, Lululemon Athletica (LULU) stock was dashed against the rocks on Friday due to management’s lower outlook for revenue in the current year.
Lululemon Athletica plunges below $400. Full-year guidance cut to $250 million below consensus.
stock halts fall near long-time support at $386.50. Q4 earnings and revenue arrive above consensus. A Wall Street favorite, Lululemon Athletica stock was dashed against the rocks on Friday due to management’s lower outlook for revenue in the current year. The athleisure stock fell more than 18% at one point to $387, dropping below $400 for the first time since last November. Call it a case of expectations getting too far ahead of the curve.
stock halted its sell-off at an intraday low on Friday of $387.11. That is a good sign for worried shareholders and also seems to have beckoned bulls to enter there as the price rebounded off that low. This is because the $386.50 support/resistance level has featured in the price action about a dozen times since December 2022. It will be a bad sign if $386.50 fails to hold up, but so far that doesn't seem to be the case.
stock needs to break above $410 to re-engage bulls. That level stems from a range high back in April 2022. Any break of $386.50 will send Lululemon stock down to $360, where bulls protected the downside twice in August and October 2023. daily stock chart
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