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Recent Articles
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Trump Tariffs Higher than Expected; What We're Doing
Apr 4, 2025
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The Trump tariff increases came in larger than what we were expecting, and it remains to be seen how they will flow through the global economy, as we monitor potential retaliatory tariffs from other countries. As it relates to the equity markets, we’re taking a wait and see approach at the moment as we monitor new policy changes related to trade, immigration, fiscal (tax), and regulations. In short, we’re not overreacting to the sell off as we won’t have a great handle on the tariff impact to companies for a few quarters when they report results post-tariff increases. That said, we’re expecting continued market volatility, with meaningful risk to the downside, before trade uncertainty alleviates in the coming months.
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Dividend Increases/Decreases for the Week of April 4
Apr 4, 2025
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Let's take a look at firms raising/lowering their dividends this week.
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Lululemon Continues to Execute on Its Growth Strategy
Mar 31, 2025
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Image Source: TradingView.
Lululemon ended 2024 with $2.0 billion in cash and cash equivalents, while inventories increased by 9%, to $1.4 billion at the end of the year. For 2025, Lululemon expects net revenue in the range of $11.15-$11.3 billion, representing growth of 5%-7%, or 7%-8%, excluding the 53rd week of 2024. Diluted earnings per share are expected to be in the range of $14.95-$15.15 for the year, assuming a tax rate of approximately 30%. The company continues to execute on its Power of Three x2 growth plan calling for the doubling of the business from 2021 net revenue of $6.25 billion to $12.5 billion by 2026.
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Adobe’s Outlook Falls Short of Expectations
Mar 31, 2025
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Image Source: TradingView.
Adobe’s Remaining Performance Obligations (RPO) were $19.69 billion exiting the fiscal first quarter, with current RPO at 67%. Looking to Adobe’s fiscal year 2025 targets, total revenue is expected to be between $23.3-$23.55 billion, the midpoint below the consensus forecast of $23.51 billion. Digital Media segment revenue is targeted to be between $17.25-$17.4 billion, while Digital Experience segment revenue is targeted at $5.8-$5.9 billion. On a non-GAAP basis, earnings per share is expected to be between $20.20-$20.50, the midpoint below the consensus forecast of $20.39.
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