Lululemon Sinks 20% After Second Guidance Cut: Michael Burry Calls It a Fat Pitch Below $100

Lululemon shares are down 20% to $97.85 after it reported Q2 FY2026 results and cut its full-year outlook again. The double guidance reduction signals renewed pressure on demand and/or profitability assumptions. The stock’s move suggests a likely 1–3% (or more) near-term re-pricing as investors adjust to weaker full-year expectations.