Lululemon Athletica shares fell about 18% in Friday premarket trading to $100.10 after the sportswear maker cut its full-year forecast again, a move that if sustained would wipe out more than $2.5 billion in market value and deepen the year-to-date decline to about 41.5%. Reuters described the reduction as the second cut to the full-year outlook, following detailed earlier reporting that traced guidance from a March range of $11.35 billion to $11.50 billion, a June cut to $11.00 billion to $11.15 billion, and the latest September range of $10.35 billion to $10.50 billion, with full-year EPS guided to $9.48 to $9.73. Second-quarter revenue fell 4% to $2.42 billion versus a $2.46 billion consensus, comparable sales dropped 9%, and revenue in the Americas, the company’s largest market, fell 8% after a 1% increase a year earlier. Incoming CEO Heidi O’Neill, a former Nike executive who takes over on September 8, must revive North American demand amid merchandising missteps, promotion reliance, and competition from brands such as Alo Yoga and Vuori. Morgan Stanley said sales could deteriorate further in the second half with limited recovery visibility and continued margin pressure, and at least 12 brokerages lowered price targets, with Piper Sandler setting a Street-low $80. Lululemon trades at about 11.50 times forward earnings, versus 20.76 for Nike and 13.41 for Adidas. Investor Michael Burry has called Lululemon his largest holding, and commentator Sam Badawi said Burry plans to buy aggressively below $100.