Lululemon Tanks, RBS Faces Fines, and Facebook in the Spotlight: Tuesday Morning Buzzers
Stock futures traded lower on Tuesday morning after Fitch issued a warning about the U.S. debt ceiling. So far, earnings season hasn’t produced many flowers, but many investors are still looking hopefully to financial industry releases later this week.
At 8:45 a.m.: S&P: -0.38%, Dow: -0.28%, NASDAQ: -0.28%.
Shares of Lululemon (NASDAQ:LULU) fell as much as 7.5 percent overnight after it issued fourth-quarter guidance below analyst expectations. The athletic sportswear company is expecting revenues between $475 and $480 million, and earnings of $0.71 to $0.73 per share, shy of expectations for about $489 million in revenues and $0.74 EPS.
Royal Bank of Scotland (NYSE:RBS) was off as much as 3 percent in the pre-market after news broke that the bank may face fines of up to 500 million pounds ($804 million) for its role in the in Libor rate-fixing scandal. Two people with knowledge of the matter told Bloomberg that fines could come as soon as next week, and that the bank’s investment banking chief, John Hourican, and head of markets, Peter Nielsen, may also be asked to leave.
We’ll all finally see what the world’s largest social network has been building at 10:00 a.m. PST/1:00 p.m. EST, when Facebook (NASDAQ:FB) holds its much-hyped event at its headquarters in California today.
U.S. retail sales climbed 0.5 percent in December, led by automobile, furniture, and clothing sales. Excluding a 1.6 drop in gasoline sales, retail spending increased 0.8 percent…