Canadian stocks are down around 25 points Thursday, but have
halved their earlier losses amid concerns about the economic
outlook for Cyprus, which needs a bailout - and concerns about what
kind of a knock on impact it might have on the European region as a
The Industrials and Metals & Mining sectors are the biggest
losers in percentage terms. Health Care is up.
In company news, Lululemon (LLL.TO, LULU) shares have reversed
earlier declines to now trade about 1.6% higher, with
better-than-expected financial results in the yoga apparel seller's
Q4 starting to win out over ill feelings over the company's glum Q1
forecast in the wake of a wide-scale product recall.
LULU on Monday said it was pulling batches of stretchy pants
made with its signature "Luon" fabric off store shelves because it
had discovered they were too easy to see through, adding there
likely would be product shortages as a result.
The company sees earnings in the Q1 ending next month of $0.28
to $0.30 a share, down from a $0.32 gain in the year-ago quarter
and trailing the analyst consensus by at least $0.10 per share. It
estimates the recall will trim Q1 EPS by $0.11 to $0.12 per share
and by $0.25 to $0.27 per share during the full year ending next
Q1 revenue is seen in a range of $333 mln to $344 mln, or at
least $1 mln below the consensus call of analysts polled by Capital
The lingering impact of the latest recall was overshadowing LULU
beating analyst opinion during Q4. It earned $0.75 per share, a
penny better than estimates, while revenue grew 30.6% to $485.5
mln, also beating the analyst consensus by 3.3 mln.
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