Markets

Canadian Stocks Lose Early Gains, Now Flat As Gold Loses Its Sheen; lululemon Doing A Downward Dog

Canadian stocks have lost early gains that saw them up more than 30 points inside the first hour. They came under selling pressure just before midday and while they are now flat at around 12,780, it could be worse as they were falling towards the 12,760 level around an hour ago.

Metals & Mining issues are the biggest drag on the broader market today, slipping 3% as a group and losing some of their sheen as traders stop flocking to the perceived safe haven of the precious yellow metal amid the market uncertainty surrounding the bank crisis in Cyprus. There have been smaller declines for shares of Energy stocks while Financials are fluctuating.

In individual company news, shares of Lululemon Athletica (LLL.TO, LULU) are down 5% after forecasting Q1 revenue of $333 mln to $343 mln, below Wal Street expectations looking for $354 million.

The shortfall comes after the maker of athletic wear decided to pull yogawear products from store shelves because some shipments were made with material too sheer for many customer's tastes, with LULU saying the move will have a "significant impact" on financial results and will eventually lead to a shortage of its yoga pants in stores.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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