Lululemon Gives Up Early Morning Gains Following Lone Pine Capital's Disclosure Of 5% Stake

Lone Pine Capital, a hedge fund managed by Stephen Mandel, disclosed after Monday's market close a 5 percent stake in Lululemon Athletica inc. (NASDAQ: LULU).

Shares of Lululemon opened for trading at $58.73 on Tuesday and quickly soared to an intra-morning high of $59.24. However, the stock quickly reversed and began declining.

After briefly dipping in to negative territory shares of Lululemon were trading higher by 0.62 percent at $57.99 by 10:11 a.m. ET. At the same time, the Dow Jones index was higher by 1.4 percent.