lululemon athletica inc. Stock (LULU): Elliott’s $1B Stake, CEO Transition, Buybacks, and Wall Street’s 2026 Outlook (As of Dec. 20, 2025)
Lululemon shares closed at $209.45 on Dec. 19 after CEO Calvin McDonald announced he will step down Jan. 31, 2026, and the board began a search for his replacement. Elliott Investment Management has built a stake exceeding $1 billion and is reportedly pushing for leadership changes. Quarterly results beat expectations, but U.S. sales remain weak. The board expanded its buyback program by $1 billion.