A strong session, then seven verdicts after the bell
The S&P rose 1.06% and the VIX fell to 14.32, its lowest in over a week. Then seven companies reported, and the market split them cleanly: Lululemon and Guidewire both fell hard on real deterioration, Samsara and DocuSign rose on genuine acceleration, and Asana, UiPath and Planet Labs all sold off despite beating.
- S&P 500
- +1.06%
- Nasdaq 100
- +1.16%
- Russell 2000
- +0.51%
- VIX
- 14.32−5.8%
- 2-year
- 4.34%−5bp
A strong session, and yields fell with it
S&P +1.06% · VIX 14.32The S&P rose 1.06%, the Nasdaq 100 1.16%, the Dow 1.18%, the strongest broad session of the week. The VIX fell 5.79% to 14.32, its lowest in more than a week. Yields moved with it rather than against it: the two-year fell 5bp to 4.34%, the five 2bp, the ten 2bp, the thirty 2bp — the first real give-back since Warsh, after three sessions where the front end held every basis point it took.
Lululemon's beat was a mirage, and the market saw through it
LULU ~−18%Comparable sales fell 9% overall and 12% in the Americas. Full-year revenue guidance was cut to a decline of 5 to 7% for the year. The headline EPS of $2.92 looks like a beat, but $0.86 of it is an IEEPA tariff refund and associated interest — strip it out and the underlying quarter missed. It's the third apparel name carrying one of these refunds in two weeks, after Abercrombie and PVH, and the first where it's masking real deterioration rather than flattering an already-good quarter.
Guidewire beat both lines and got sold anyway
GWRE ~−15%Fourth-quarter EPS beat by six cents, revenue beat too. The stock fell hard regardless, on a first-quarter fiscal 2027 revenue guide of $372 to $378 million against a $387 million consensus — a three per cent miss on the number that matters, not the one just reported. That makes it the seventh name this week to beat and fall: Marvell, MongoDB, Credo, Palo Alto, NetApp, Broadcom, now Guidewire.
Two names actually got bought
IOT ~+15% · DOCU +4.1%Samsara grew ARR 30% for a third consecutive quarter and raised full-year guidance to match — accelerating growth, not just a beat, which is the distinction that's decided every reaction this week. DocuSign rose a smaller 4.1%; less is known about what drove it since tonight's release carries less detail than the others, but the direction is consistent with the same pattern.
Beat, beat, beat, sold three times
ASAN ~−12% · PATH ~−7%Asana grew revenue 10% and beat its own guide, but net retention was only 97% — existing customers are shrinking, not expanding. UiPath grew revenue 13% and ARR 12%, but net new ARR was just $37 million, thin expansion under a healthy-looking headline. Planet Labs beat revenue by 12% and EPS outright, but non-GAAP gross margin fell to 56% from 59% a year ago. Three different flaws, one shared verdict.