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Lululemon Sinks After Slashing Outlook, Adobe Declines, DocuSign Gains
Description
Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
- Lululemon (LULU) lowered its full-year outlook for a second straight quarter, signaling deep challenges for incoming Chief Executive Officer Heidi O’Neill. Sales are now projected to be in a range of $10.35 billion to $10.5 billion in the current fiscal year that ends in early 2027. That’s down from June’s annual forecast, which was itself reduced from the previous view. The company also trimmed its outlook for earnings per share. The stock fell 18% at 6:03 p.m. in extended trading in New York. Lululemon shares have declined more than 40% this year through Thursday’s close, and their value is less than a quarter of their peak in late 2023.
- Adobe (ADBE) named Anil Chakravarthy, the leader of its marketing and analytics software business, as its next chief executive officer, thrusting the company veteran into a challenging competition with artificial intelligence upstarts. The shares declined in extended trading after the CEO transition and Wadhwani’s departure were announced. Investors have steadily soured on the company over AI disruption fears, with its stock down 52% since the beginning of 2024.
- DocuSign (DOCU) shares rallied in extended trading, after the e-signature software company reported second-quarter results that beat expectations and raised its full-year forecast on key metrics.
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