Lululemon Athletica Sharply Higher After Q1 Beat And Raised Guidance

Lululemon Athletica inc. LULU shares are trading higher by $6.20 or 13 percent at $54.87 in Friday's session. The catalyst for the rally is a first-quarter EPS beat of $0.04 along with a sales beat of $6.4 million. Also, the company raised its FY 2017 EPS outlook but cut its sales outlook.

After a higher open, it rallied another $0.44 to $56.85 before reversing course. That marks it highest level since March 29 when it closed $66.30 but tumbled to $50.76 the following day provided lower FY 2017 after a slow start to the year.

It has pared some of the gains falling as low as $54.55, but is now trying to re-enter the $55.00 handle.