Lululemon reported its second quarter in early September and the market spent about fifteen minutes deciding what it meant. The stock fell 18% and briefly traded under $100. Sales in the Americas, still more than half the business, dropped 8%. China grew 4% as reported and shrank 2% once currency comes out, which matters because China was supposed to be the cushion. The earnings line beat expectations. It beat on the back of an 86-cent benefit from a tariff refund, and you can’t run that play twice.