Morning movers: LULU slides 18.8% after comps fall 9%
Lululemon fell 18.8% in pre-market trade after Q2 comparable sales dropped 9% and full-year guidance was cut. Samsara jumped 13.4% on 30% ARR growth, while Snowflake digested a 37% product-revenue beat and a raised outlook.
YieldCove Desk
4 min read
One macro line only: the September 4 morning read covers jobs-day positioning after Waller's hold signal. Below: single-stock catalysts. Delayed pre-market quotes as of about 5:40 a.m. ET — re-check at the open.
| Ticker | Prior close | Pre-market | Change | Catalyst |
|---|---|---|---|---|
| LULU | $121.77 | $98.90 | -18.78% | Q2 comps −9%; outlook cut |
| IOT | $38.75 | $43.93 | +13.37% | ARR $2.1B, +30% y/y |
| SNOW | $356.47 | $356.82 | +0.10% | Product revenue +37%; FY guide up |
| PATH | $18.22 | $16.42 | -9.88% | Q2 revenue +13%; soft reaction |
Lululemon (LULU): comps fall 9%, guide cut
What happened. After the September 3 close, lululemon posted Q2 FY2026 net revenue of $2.42 billion (−4% y/y; −5% constant dollar). Comps fell 9% (−10% c.c.); Americas comps −12%. Diluted EPS $2.92, including $0.86 from $134.5 million IEEPA tariff refunds plus interest. Gross margin 60.5%; operating margin 18.8%.
Q2 net revenue
$2.42B
-4% y/y
Comparable sales
-9%
-10% c.c.
Pre-market vs prior close
$98.90
-18.78%
FY2026 revenue outlook
$10.35–$10.50B
-5% to -7%
Why it matters. Multiple and sentiment: Americas traffic is still shrinking, and management cut the path forward. Q3 revenue guide $2.290–$2.320 billion (−10% to −11%). FY diluted EPS $9.48–$9.73, still embedding the $0.86 tariff-refund boost. Incoming CEO Heidi O’Neill starts next week.
Watch the ex-refund math
Headline EPS still includes a one-time tariff refund; underlying profitability reset is sharper than the face number. Retail earnings gaps often open on wide spreads.
Wheel-seller angle
LULU’s options chain is usually liquid in regular hours, but options do not trade pre-market. Treat overnight IV as stale until the cash open shows real bid/ask depth.
What to watch today. Opening auction versus the ~$98–$100 pre-market zone, any traffic commentary, and branded-apparel peers. Main risk: a failed bounce if Q3 remarks frame the Americas soft patch as still lengthening.
Samsara (IOT): ARR clears $2.1B
What happened. September 3 release: ARR crossed $2.1 billion (+30%), net new ARR near $134 million (+28%). Record adds: 242 customers above $100k ARR and 20 above $1M ARR. Nasdaq recap also listed Q2 revenue $508.4 million (+30%) and FY revenue guide $2.043–$2.047 billion. Pre-market about +13.37% near $43.93 vs $38.75.
ARR
$2.1B
+30% y/y
Q2 revenue (recap)
$508.4M
+30% y/y
Net new ARR
$134M
+28% y/y
Pre-market vs prior close
$43.93
+13.37%
Why it matters. Growth and multiple: enterprise standardization, multi-product attach, and a fourth straight quarter of GAAP EPS profitability are what the tape is paying for. Fleet-software peers may bid along, but IOT is the clean catalyst this morning.
Wheel-seller angle
A double-digit post-earnings gap often means elevated opening IV and fast two-way flow. No options before the bell—judge premium only after the cash open.
What to watch today. Gap hold through the first hour, note revisions around the $2.1B ARR print, and volume versus the prior session. Main risk: gap-fill if the detail pack underwhelms the ARR headline.
Snowflake (SNOW): 37% product growth
What happened. Q2 FY2027 product revenue $1.4919 billion (+37%); total revenue $1.547 billion (+35%). FY product-revenue growth guide raised to 36%; non-GAAP operating-margin guide to 14.5% from 13.5%. Q3 product revenue $1.588–$1.593 billion (+37% to +38%). Stock already +16.6% on September 3 to $356.47; pre-market near $356.82 (+0.10%).
Q2 product revenue
$1.49B
+37% y/y
FY product growth guide
36%
raised
Sep 3 regular-session move
+16.6%
to $356.47
Pre-market vs prior close
$356.82
+0.10%
Why it matters. AI consumption and core platform usage are still accelerating; the guide raise is the load-bearing fact, not the overnight drift. Net revenue retention of 126% and 828 customers above $1M trailing product revenue support yesterday’s multiple.
Wheel-seller angle
SNOW’s chain is usually deep in regular hours. After a double-digit earnings day, short-dated IV often stays elevated next session—wait for opening spreads instead of treating yesterday’s close as an executable options quote.
What to watch today. Follow-through versus profit-taking after +16.6%, AI product attach commentary (CoCo/CoWork), and cloud-software peers. Main risk: a next-day fade if the guide raise is already priced.
UiPath (PATH): solid Q2, soft tape
What happened. UiPath Q2 FY2027 revenue $410 million (+13%) and ARR $1.938 billion (+12%). GAAP operating income $32 million; non-GAAP $89 million. Q3 revenue guide $440–$445 million; year-end ARR $2.065–$2.070 billion. Delayed pre-market near $16.42 (-9.88% vs $18.22).
Why the tape looks heavy
Growth is positive but not Samsara-like. A 12–13% ARR/revenue print can still gap down when buyers wanted faster re-acceleration—a multiple reaction, not an accounting miss.
What to watch today. Opening level versus the mid-$16s, CEO-transition tone from the call, and automation peers. Main risk: further multiple compression if net-new ARR stays modest versus AI-platform peers.
Also on the radar
- PL — Record Q2 revenue $116.1 million (+58% y/y); pre-market about +10.30% near $20.24 after an 8.2% regular-session drop to $18.35.
- ZS — Q4 revenue $898.2 million (+25%), ARR $3.771 billion (+25%); pre-market about -4.00% near $170.69.
- CIEN — Fiscal Q3 revenue $1.67 billion (+37%), adjusted EPS $2.11; stock still fell 10.4% on September 3 and was only slightly higher pre-market.
- DOCU — Q2 revenue $875.7 million (+9%); mild pre-market bid of +1.05% near $66.66.
What to watch today
- 9:30 a.m. ET — cash open for LULU, IOT, PATH, and PL.
- Through 10:30 a.m. ET — LULU gap hold vs mean reversion; same test for IOT.
- Late morning — note traffic on Snowflake’s raised product-revenue guide.
- All session — options open with cash; pre-market stock prints are not option quotes.
Sources
- [1]lululemon Q2 FY2026 results exhibit 99.1 — U.S. SEC / lululemon athletica · Accessed 2026-09-04 · Tier 1
- [2]Samsara crosses $2.1B ARR — Q2 FY27 results — Samsara Inc. · Accessed 2026-09-04 · Tier 1
- [3]Samsara Posts Q2 Profit As Revenue Rises 30% — Nasdaq.com (wire recap) · Accessed 2026-09-04 · Tier 2
- [4]Snowflake Q2 FY2027 earnings exhibit — U.S. SEC / Snowflake Inc. · Accessed 2026-09-04 · Tier 1
- [5]UiPath Q2 FY2027 earnings exhibit 99.1 — U.S. SEC / UiPath Inc. · Accessed 2026-09-04 · Tier 1
- [6]Planet Labs Q2 FY2027 earnings exhibit 99.1 — U.S. SEC / Planet Labs PBC · Accessed 2026-09-04 · Tier 1
- [7]Zscaler Q4 FY2026 earnings exhibit 99.1 — U.S. SEC / Zscaler, Inc. · Accessed 2026-09-04 · Tier 1
- [8]Ciena fiscal Q3 2026 earnings press release — U.S. SEC / Ciena Corporation · Accessed 2026-09-04 · Tier 1
- [9]DocuSign Q2 FY2027 earnings exhibit — U.S. SEC / DocuSign, Inc. · Accessed 2026-09-04 · Tier 1
- [10]TradingView America scanner delayed pre-market quotes — TradingView · Accessed 2026-09-04 · Tier 2
- [11]Yahoo Finance predefined day gainers/losers screeners — Yahoo Finance · Accessed 2026-09-04 · Tier 2
- [12]CNBC delayed prior-close quotes for featured tickers — CNBC · Accessed 2026-09-04 · Tier 2
- [13]September 4 Morning Read: Jobs day arrives after Waller’s hold signal — YieldCove · Accessed 2026-09-04 · Tier 3
This content is for informational and educational purposes only and is not financial advice. Options involve risk and are not suitable for every investor. Do your own research before trading.
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