Apple, Foot Locker buck stock market sell off

If you thought things couldn't get any better for Apple (AAPL), you thought wrong. Shares of the world's most valuable company are higher on news it will be added to the Dow Jones Industrial Average (^DJI) replacing AT&T (T) later this month, those shares are down on the news. Apple earned $18 billion during the last quarter, the largest quarterly profit on record for any company. It's market cap is nearing $800 billion and on Monday we'll be talking about Apple again when it unveils its latest kinda must-have product, the already overhyped Apple Watch.

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Foot Locker (FL) is in a sprint today, with shares up nearly 5% to a fresh record, after reporting better than expected fourth quarter results. Holiday sales were strong, same-store sales jumped over 10% and the Michael Jordan-Nike (NKE) brand is still going strong. Jordan hasn't played in years, of course, but shoe sales finally helped him gain entry to the Forbes billionaires club, where he's just been listed as one of the newest members.

Things are a lot more sour at Lululemon (LULU), where the stock is down nearly 5% after Goldman Sachs (GS) cut the stock to sell. Goldman says the retailer is out of shape, with competition among athletic retailers rising and sales in Canada soft. Plus, the company still hasn't recovered from the fiasco involving see-through yoga pants which ultimately led to the resignation of former CEO Christine Day.

 

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