Lululemon (LULU) StockFalls -$14.43 (a 17.5% Plunge)
Lululemon (LULU) was the biggest stock loser across the Nasdaq and NYSE today. Shares of LULU, a yoga clothing retailer, fell by 17.54% to end the day at $67.85 (down $14.43). The sharp decline in the company's share price was due to unexpected news that Lululemon's CEO, Christine Day, would be stepping down and leaving the company.[newsletter2][/newsletter2]
Lululemon made the announcement as it reported a slight increase in its fiscal Q1 profit. The firm earned $47.3 million ($0.32 / share), for the first quarter. That is compared to the $46.6 million profit reported for Q1 2012. "Lululemon said Day, who has been at the helm for more than five years, will stay on as CEO until a successor is named. The news came a few months after the company had to recall one of its yoga pants for being too sheer."