Lululemon Athletica's stock is experiencing high implied volatility as it approaches its earnings announcement on August 29, with traders employing strategies to leverage short-term options. The stock has underperformed recently, dropping 7.4% over the past month, but it remains a popular search on Zacks.com due to positive earnings expectations with an anticipated EPS of $2.96 for the upcoming quarter. Meanwhile, the brand is making strides in the tennis apparel market through its collaboration with Canadian tennis star Leylah Fernandez. Despite a recent session closing at $259.12, slightly underperforming broader indices, the stock has seen bullish interest from large investors, with significant options activity between the $230 and $300 price range.