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The major market averages continue to sport moderate losses in early action. The Dow and S&P lead today's decline, each trading down 0.8%
Shares of Lululemon Athletica (LULU 90.97, +4.83) are higher by close to 5.5% at the open after the company announced strong first quarter earnings. The company made $0.46 per share, topping the consensus estimate of $0.38 per share. Revenues climbed 35.1% YoY to $186.8 million, and the company issued upside guidance of $0.42-$0.44 versus the Capital IQ consensus of $0.39. The company also raised its full year 2012 guidance, seeing earnings per share of $2.10-2.16 vs. $2.08 Capital IQ consensus estimate, up from $1.90-2.00 and full year 2012 revenues of $915-930 mln vs. $924.48 mln Capital IQ consensus estimate, up from $885-900 mln.
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