The AlwaysOn X Fund rebounded 4.3% last week, while the NASDAQ was up 2.3%, and the S&P 500 advanced 2.2%. Year to date, the AO X Fund is up 9.4%, the NASDAQ is up 20.4%, and the S&P 500 is up 14.3%.
Long time leader Lululemon impressed with another strong quarter, beating expectations and posting 50% EPS growth for the second quarter. Revenue growth was 33%, driven by 15% same-store sales growth. While growth was slightly decelerating vs. the previous two quarters (partly due to seasonality), LULU set Q3 expectations above the street’s consensus. The stock responded in kind, advancing 12.4% on Friday, and finishing the week up 18.3%.
Amazon announcing its new tablet, the new Kindle Fire HD that sells for $499 and up, sent its stock up 4.4% for the week, hitting new all-time highs.
The world is now anticipating Apple’s iPhone 5 announcement early next week. Estimates indicate that 71% of iPhone 3GS owners, 64% of iPhone 4S owners, and 38% of Blackberry owners intend to buy the new iPhone. Apple finished the week up 2.3%.
On Tuesday, we sold our First Solar position as it crossed below our -20% performance limit. We have not changed our fundamental view and will keep FSLR on the watchlist and might add it back as the stock shows strength.
Michael Moe is an AlwaysOn contributing editor and a former co-founder of ThinkEquity.