Lululemon's stock jumped to an almost two-year high on Monday buoyed by the addition of the Canadian sportswear maker into the Wall Street benchmark S&P 500 index.
Lululemon top expectations, and BMO closes its $160 million dollar acquisition of Airmiles. BIV's Tyler Orton has your business news – Jun 2, 2023‘s stock jumped by more than 10 per cent to an almost two-year high on Monday buoyed by the addition of the Canadian sportswear maker into the Wall Street benchmark S&P 500 index.
Inclusion of a company into the S&P 500 usually causes demand for its shares to jump as mutual fund managers and other institutional investors tracking the index begin adding the stock to their portfolios. In September, Lululemon agreed to a deal with Peloton Interactive to become the primary athletic-apparel maker for the U.S. fitness bike manufacturer. In return, Peloton would become the exclusive digital fitness content provider for the apparel maker, developing all content for Lululemon Studio beginning in early 2024.
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