Diamonds and Dogs
Dick's Sporting Goods (DKS) reinstated the dividend program. Dicks rose 8% as they authorized and declared a quarterly dividend of $0.3125 per share on the Company's Common Stock and Class B Common Stock. The company will restore previously reduced salaries for all teammates, except for certain executives, and has returned substantially all teammates from furlough.
Lululemon Athletica (LULU) looks a little stretched. The yoga apparel maker is down 3% as the company missed Wall Street estimates for quarterly revenue and profits for the first time in about three years due to coronavirus-led store closures. Profits fell 70% and sales fell 17%. Lululemon is optimistic the short-term operational challenges will mitigate.
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