Diamonds and Dogs
Lululemon (LULU) is back. The Vancouver yoga pants apparel maker is up 15% following better than expected earnings. Revenue came in at $544.4 million ahead of estimates as well. Lululemon's also bumped up guidance for the fouth quarter. Black Friday sales rose 16% while Cyber Monday was up 29% year-over-year. CEO Laurent Potdevin also said the company was on track with its five-year plan to double revenue by 2020. Lululemon's recent success comes in the face of widespread struggles in the textiles industry. Year-to-date, shares of Lululemon gained more than 14.1% compared to the industry's slump of 6.6%.
The Chinese love to gamble. Las Vegas Sands (LVS) dropped 12%, Wynn Resorts (WYNN) dropped 11% and Melco Crown Entertainment (MPEL) dropped 13% after the South China Morning Post reported China will slash China UnionPay users' ATM withdrawals in Macau, the world's No. 1 gambling market. The daily withdrawal limit will fall in half to 5,000 pacatas ($626). The move to cut the daily withdrawal limit from 10,000 to 5,000 patacas is expected to take effect from Saturday and follows the discovery that as much as 10 billion patacas in China UnionPay ATM withdrawals were made in one month alone. That translates into over a billion dollars withdrawn from ATMs in one month. Wow!