Stocks Sink Again as Investors Await September Jobs Report

The stock market dropped again on Thursday as investors await the jobs report in September, which is expected to be out on Friday.

Overall, S&P 500 fell 1.0% to 3,745, while NASDAQ was down 0.7% to 11,073.

Tweet of the Day

Meanwhile, Lululemon (LULU) stores are still thriving amidst retail apparel recession.

Chart of the Day

Our chart of the day is the one-year chart of LULU as of September 29, 2022, when the stock was at $300.

Lululemon is a Canadian designer, distributor, and retailer of high-quality athletic appeal and accessories, marketed under the lululemon brand. The brand is known for its technically advanced fabrics, with a superior feel and fit.

Lululemon continued to deliver sparkling results despite a retail apparel recession. Last qtr, it delivered 33% profit growth and surpassed expectations of 13% growth. Estimates are solid too, with expected sales growth of 25% next qtr.

In addition to the remarkable numbers, Lululemon introduced new products last qtr – SenseKit (a running collection), Hike (for outdoor weather conditions) and Blissfeel (a technical running shoe).

LULU is part of the Growth Portfolio. David Sharek’s Fair Value is a P/E of 40. With a current P/E of 30, the stock is undervalued, with a huge upside when we look to next year.

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