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Stock Market & Financial Investment News

News Breaks
July 10, 2014
05:40 EDTLLLumber Liquidators downgraded to Hold from Buy at Jefferies
Jefferies downgraded Lumber Liquidators to Hold with a reduced price target of $57 after the company lowered its outlook for the year.
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March 12, 2015
13:02 EDTLLLumber Liquidators liability at this point 'minimal,' says Piper Jaffray
Piper Jaffray says Lumber Liquidators' business update today "went well and helped to calm fears on the sourcing and safety of products." Piper believes Lumber's business liability at this point is “minimal” after the company provided "substantial detail" on its testing to ensure its products are safe and compliant. It adds that the company's sales decline since the 60 Minutes piece is not bad as it had expected. Piper lowered its price target for Lumber Liquidators shares to $40 from $55 and keeps a Neutral rating on the name.
12:29 EDTLLOn The Fly: Midday Wrap
Stocks on Wall Street were sharply higher at midday. A slight bounce in the euro overnight lifted overseas markets and U.S. stocks followed. Stock futures were higher during early pre-market trading, then strengthened further following the report of lower than expected retail sales figures for last month, which gave investors hope the Fed will wait longer to raise interest rates. ECONOMIC EVENTS: In the U.S., headline retail sales fell 0.6% in February compared to the prior month, missing expectations for an increase of 0.3%. Retail sales excluding autos and gas declined 0.2%, versus the consensus estimate for a month-over-month increase of 0.3%. Initial jobless claims fell to 289K in the week ended March 7, versus the consensus forecast for 305K first-time claims. Business inventories were flat in January, versus the consensus forecast for them to grow 0.1%. In Asia, the Bank of Korea cut rates for the third time since last August, lowering its base rate to the historical low level of 1.75%. The decision came as a surprise, more in terms of the timing than the cut itself. Data from China showed the nation’s M2 money supply growth picked up in February and its banks’ new loan creation came in higher than expected as well. COMPANY NEWS: Shares of Intel (INTC) fell 4% after the chip-making giant lowered its Q1 revenue outlook to $12.8B, plus or minus $300M, compared to the previous expectation of $13.7B, plus or minus $500M, citing weaker than expected demand for business desktop PCs and lower than expected inventory levels across the PC supply chain. Some other stocks levered to PCs also slid, with Microsoft (MSFT) declining 2% and Advanced Micro Devices (AMD) sliding 3.5%. Hewlett-Packard (HPQ) shares were up fractionally, despite Intel's news and the fact that Barclays downgraded HP's stock this morning to Equal Weight, saying the weak euro could impact demand for PCs and printers... Citi (C), American Express (AXP) and Regions Financial (RF) were identified by analysts as being among the winners following the Fed's recently completed Comprehensive Capital Analysis and Review, or CCAR. Analysts were more cautious on Bank of America (BAC), after the Fed identified deficiencies in the bank's capital planning process and ordered it to resubmit its plan, but allowed it to proceed with its capital plan in the meantime. MAJOR MOVERS: Among the notable gainers was Amarin (AMRN), which jumped 27% after H.C. Wainwright upgraded the stock to Buy and raised its price target for shares to $10 from $2.50, citing management's commitment to completing the Vascepa outcomes' study REDUCE-IT. Also higher was Lumber Liquidators (LL), which rose 12.5% after the company held a call to update on the impact that 60 Minutes' recent critical report has had on its business. As part of the call, the flooring retailer reported on its recent sales trends, gave Q1 guidance and said it believes its cash flow from operations and existing liquidity sources will be sufficient to fund operations and anticipated capital expenditures for the "foreseeable future." Among the noteworthy losers was ACADIA (ACAD), which dropped 25% after announcing that it will delay submitting its NUPLAZID NDA for the treatment of Parkinson’s disease psychosis by two or three quarters and reporting that its CEO has retired. Also lower following their first earnings reports since coming public was Box, Inc. (BOX), which dropped 15%. INDEXES: Near midday, the Dow was up 183.31, or 1.04%, to 17,818.70, the Nasdaq was up 26.68, or 0.55%, to 4,876.62, and the S&P 500 was up 18.56, or 0.91%, to 2,058.80.
11:47 EDTLLStocks with call strike movement; LL VALE
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10:39 EDTLLLumber Liquidators opens for trading, up 7.5% to $35.20 as update call continues
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10:38 EDTLLLumber Liquidators: Do not currently see evidence of 27% potential sale drop
Lumber Liquidators stated: "Using our conservative estimate of cash on hand at March 31st, reasonable inventory levels and the low end of our capital expenditures outlook, we believe net sales would have to fall 27% below 2014, before we would seek liquidity from either our revolving facility or our asset base...Though our trends are only over a short 9-day period of time and therefore subject to change, we do not currently see evidence that would indicate a sustained drop in net sales as severe as 27% below 2014."
10:28 EDTLLLumber Liquidators to report Q1 net sales on April 2
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10:24 EDTLLLumber Liquidators expects to further diversify sourcing
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10:23 EDTLLLumber Liquidators says some customers have cancelled, adjustments moderating
Lumber Liquidators stated during its business update call: "We believe the majority of the customers have continued with their purchase satisfied with the information received, though a number have cancelled orders or returned flooring prior to installation. Order adjustments, including returns, have moderated each of the last 9 days. Laminate products have been the primary driver of the increase over normal volumes of adjustments and returns...Our open orders remain higher than last year, currently up 12.6% to $45.9M, and include approximately $5.3M, or 11.5%, of laminate orders."
10:18 EDTLLLumber Liquidators says reinstallations, if needed, cost $3K-$4K
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10:15 EDTLLLumber Liquidators says will respond to written questions on future call
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10:14 EDTLLLumber Liquidators says will respond to written questions on future call
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09:52 EDTLLLumber Liquidators trading halted, pending news
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09:32 EDTLLLumber Liquidators presentation shows defensive stance, says Credit Suisse
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09:29 EDTLLLumber Liquidators Chairman delays CNBC interview
Lumber Liquidators Founder and Chairman Tom Sullivan has moved his CNBC interview to Friday at noon, CNBC's Scott Wapner stated on Twitter. Also, reports from Wapner and Charlie Gasparino of Fox Business appear to indicate that the company does not plan to take questions during its business update call later this morning. Lumber Liquidators shares are up a bit over 5% in pre-market trading right before the opening bell. Reference Link
09:21 EDTLLOn The Fly: Pre-market Movers
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07:49 EDTLLLumber Liquidators jumps after updating on sales since '60 Minutes' report
Shares of Lumber Liquidators (LL) are up 12.6% to $36.85 in pre-market trading after the company disclosed the slides it will use for its business update call planned for later this morning. In the slides, the company said that in the 9 days following the "60 Minutes" broadcast that its net sales were down 7.5% and its comparable store net sales were down 12.7% compared to the same time period of last year. Lumber Liquidators said it now sees first quarter comparable store sales to be down 4.4% to up 0.5% and sees Q1 revenue $253.6M-$265.6M, versus the consensus $275.98M forecast. Lumber Liquidators said that it is unable to currently forecast FY15 net sales for profitability, but has reviewed its cash flow sensitivity for the nine months ended Dec. 31, 2015. "At this time, we believe our cash flow from operations, together with existing liquidity sources, will be sufficient to fund our future operations and anticipated capital expenditures for the foreseeable future," the company stated.
07:45 EDTLLLumber Liquidators to provide Q1 net sales update shortly after quarter-end
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07:39 EDTLLLumber Liquidators says SSS down 12.7% in 9 days following '60 Minutes' report
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07:20 EDTLLLumber Liquidators sees sufficient liquidity for 'foreseeable future'
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07:13 EDTLLLumber Liquidators now sees Q1 revenue $253.6M-$265.6M, consensus $275.98M
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