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Alaska Air's stock falls after January performance data, UBS downgrade
Shares of Alaska Air Group Inc. slumped 2.2% in midday trade Thursday, after the air carrier reported January operational results, and after a downgrade at UBS. The Seattle-based carrier earlier that January load factor declined to 75.8% from 78.1% a year ago, as the 6.6% growth in capacity outpaced the 3.5% increase in traffic. For its mainline operations, which are operated by Alaska Airlines Inc. and Virgin America Inc., load factor fell 2.1 percentage points to 76.4%. For its regional operations, operated by Horizon Air Industries Inc., load factor declined 4.1 percentage points to 70.1%. Separately, UBS analyst Darryl Genovesi cut his rating to neutral from buy, and his stock price target to $70 from $77, citing concerns over competition for Seattle as a hub. The stock has gained 1.4% over the past three months, while the NYSE Arca Airline Index has gained 3.9%, the Dow Jones Transportation Average has run up 10.5% and the Dow Jones Industrial Average has climbed 7.3%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Lululemon's CEO resigns over issue of conduct
Lululemon Athletica Inc. says Laurent Potdevin has resigned as CEO effective immediately, saying he fell short of the company's standards of conduct.
Lululemon's stock set to rally after profit, revenue outlook raised
Shares of Lululemon Athletica Inc. were indicated up about 1.5% in premarket trade Monday, after the yoga-gear maker raised its fourth-quarter profit and revenue guidance ranges, citing accelerating trends during the holiday season. The company now expects adjusted earnings per share of $1.25 to $1.27, up from a previous range of $1.19 to $1.22. The revenue outlook was raised to $905 million to $915 million from $870 million to $885 million, with same-store sales expected to increase in the "high single digits" rather than the "mid-single digits" previously expected. "We are thrilled with our performance this holiday season that reflects an accelerating trend across all parts of our business, and we look forward to continued momentum in 2018 and beyond," said Chief Executive Laurent Potdevin. Separately, the company said it expects to recognize a "significant income tax expense" in the fourth quarter related to the one-time repatriation tax on accumulated foreign earnings, but said the tax reform will be favorable to the effective tax rate in 2018. The stock has rallied 29.6% over the past three months, while the SPDR S&P Retail ETF has climbed 10.7% and the S&P 500 has gained 7.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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