Lululemon Athletica (LULU) shares plummeted 5% intraday on Tuesday, driven by investor concerns over a proxy fight initiated by founder Chip Wilson to remove private equity firm Advent from the company's board.
The move has sparked uncertainty about the company's governance and strategic direction, weighing on the stock. Additionally, broader weakness in the consumer discretionary sector further pressured LULU's shares, as reflected in the decline of the State Street Consumer Discretionary Select Sector SPDR ETF (XLY).
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