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Stock Market & Financial Investment News

News Breaks
February 4, 2013
08:45 EDTVZ, LQDTLiquidity Services names Leoncio Casusol as Chief Information Officer
Casusol will be responsible for partnering with the companyís business and functional leaders to improve and optimize the companyís technology platforms, operations, and services in support of customer satisfaction and long term growth. Prior to joining Liquidity Services, Casusol was CIO of Terremark (VZ).
News For LQDT;VZ From The Last 14 Days
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December 9, 2014
10:38 EDTVZVerizon CFO Shammo says not interested in doing large international M&A deal
CFO Fran Shammo sees wireless CapEx continuing to trend up, sees wireline CapEx continuing to trend down. Says does not believe wireless CapEx will decline. Shammo commented that ""The day we start to cut wireless CapEx is the day we start to wonder where the future of this industry is going." Says dividend policy "very important." Says doesn't see share buybacks until balance sheet is delevered.
10:28 EDTVZVerizon drops after warning about promotional impact on profits
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10:27 EDTVZVerizon CFO says would sell towers for 'right price, right terms'
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10:23 EDTVZOn The Fly: Analyst Downgrade Summary
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10:17 EDTVZVerizon CFO Shammo says sees promotional pricing 'settling down' in 2015
Says Q4 has been a "pretty exciting" period, says seeing increase in activations, but seeing some increase in churn as well. Says has seen high volume in Q4 sales. Says continues to see strong momentum for wireless customer growth in Q4. Sees promotional pricing "settling down" in 2015. Shammo says social media, press has built this up as a price war; says rival's half-priced promotion "not as dramatic" as it looks. Says tablets a "tremendous" growth area for industry. Says streaming TV to mobile to begin in mid-2015. Says that over time, company believes can increase margins. Comments made at the UBS Global Media & Communications Conference. Verizon shares are down 3.8% to $47.04 in morning trading.
09:38 EDTVZActive equity options trading
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07:40 EDTVZVerizon competition increased, company should be able to respond, says Canaccord
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07:32 EDTVZUBS to hold a conference
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06:15 EDTVZVerizon downgraded at RW Baird
As previously reported, Baird downgraded Verizon to Neutral from Outperform. The firm downgraded shares citing last night's negative pre-announcement due to increasing competitive concerns, margin pressures, higher churn, and full valuation. Price target lowered to $50 from $54.
06:01 EDTVZVerizon downgraded to Neutral from Outperform at RW Baird
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December 8, 2014
18:24 EDTVZOn The Fly: After Hours Movers
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17:05 EDTVZVerizon sees Q4 impacts of promotional offers will pressure wireless EBITDA, EPS
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16:24 EDTLQDTOn The Fly: Closing Wrap
Stocks on Wall Street were lower amid another drop in crude oil prices, which tumbled to five-year lows. The market opened slightly lower following weaker than expected data from China and Japan, with nothing of note on the domestic calendar to get buyers involved in the dayís activity. Near noon, the averages gained downside momentum and though the market pared its losses several times, it was never able to gain any steam to pull the indexes back into the green. ECONOMIC EVENTS: In the U.S., no major economic data was released. In Asia, Chinese exports rose 4.7% from a year earlier in November, which missed the consensus estimate for an 8% increase. Chinese imports fell 6.7% from the prior year last month, compared with projections for a 3.8% increase. Additionally, Japan's revised third quarter gross domestic product estimate showed the economy shrank more than initially thought, with growth contracting an annualized 1.9%. COMPANY NEWS: Shares of Cubist Pharmaceuticals (CBST) surged $26.24, or 35.29%, to $100.60 after Merck (MRK) agreed to acquire the maker of next-generation antibiotics for $102 per share in cash, or $8.4B and the assumption of $1.1B in debt. A number of other antibiotic makers also climbed, including Tetraphase (TTPH), which rose $2.45, or 8.82%, to $30.24, and Cempra (CEMP), which advanced $1.64, or 11.37%, to $16.06, while shares of Merck finished fractionally higher, adding 39c, or 0.63%, to $61.88 following the deal announcement. MAJOR MOVERS: Among the notable gainers following their presentations at the American Society of Hematology, or ASH, annual meeting were Calithera Biosciences (CALA), which gained $2.38, or 22.52%, to $12.95, and Acceleron Pharma (XLRN), which jumped $5.11, or 13.6%, to $42.67. Among the noteworthy losers was McDonald's (MCD), which fell $3.70, or 3.84%, to $92.61 after the Dow member reported a 2.2% decline in global same-restaurant sales in November. Additionally, the fast-food giant warned that its fourth quarter results would be hurt by its sales pressures, supplier issues in China and a stronger U.S. dollar. Also lower were shares of Liquidity Services (LQDT), which plunged $2.77, or 27.0%, to $7.49 after the company disclosed that Wal-Mart (WMT) had terminated a deal to provide it with surplus merchandise. INDEXES: The Dow fell 106.31, or 0.59%, to 17,852.48, the Nasdaq dropped 40.06, or 0.84%, to 4,740.69, and the S&P 500 slipped 15.06, or 0.73%, to 2,060.31.
12:40 EDTLQDTOn The Fly: Midday Wrap
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10:49 EDTLQDTLiquidity Services plunges after Wal-Mart seeks to end supply deal
Shares of Liquidity Services (LQDT) are tumbling after the company disclosed that Wal-Mart (WMT) had terminated a deal to provide it with merchandise. Liquidity Services operates an auction marketplace that features surplus and salvaged items. WHAT'S NEW: Liquidity Services reported after Friday's market close in a regulatory filing that Wal-Mart had decided to stop supplying products to Liquidity Services.The auction company noted that it had previously had the right to purchase certain consumer items that have been removed from Wal-Mart's shelves. However, Wal-Mart, on December 1, reported to the company that it would terminate the deal, effective today. Wal-Mart is alleging that Liquidity Services violated certain requirements of the agreement between the companies, Liquidity Services stated. However, the auction company disputed Wal-Mart's assertions and said it was "evaluating all its options" before determining how to proceed. Liquidity Services indicated that it still expects to meet its guidance for its December quarter results. ANALYST REACTION: In a note to investors today, Colin Sebastian, an analyst at research firm Robert W. Baird, predicted that the loss of the contract would have a significant impact on Liquidity Services' results starting in 2015. However, he believes that the extent of the impact on the company's earnings before interest taxes depreciation and amortization will depend on its ability to manage its expenses. The analyst cut his price target on the name to $9 from $12 and kept a Neutral rating on the shares. Meanwhile, Janney Capital analyst Shawn Milne wrote that Liquidity Services had previously disclosed that Wal-Mart accounted for 11% of its gross merchandise volume in fiscal 2014. Milne predicted that the termination of the deal would reduce Liquidity Services' annual EBITDA by less than $10M. He also kept a Neutral rating on the stock. PRICE ACTION: In early trading, Liquidity Services sank 25% to $7.70.
10:11 EDTLQDTHigh option volume stocks
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10:03 EDTLQDTLiquidity Services price target lowered to $9 from $12 at RW Baird
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09:20 EDTLQDTLiquidity Services estimate cuts possible on Wal-Mart fight, says Janney Capital
After Liquidity Services (LQDT) disclosed that Wal-Mart (WMT) terminated its return agreement and that the two are now in dispute over the deal, Janney Capital noted Liquidity 's recent 10K filing indicated that Wal-Mart accounted for 11% of FY14 gross merchandise volume, including Commercial Capital assets. Janney estimates the full year EBITDA impact from the contract to be somewhere below $10M, but said there is a potential for further estimate cuts given the dispute. The firm maintains its Neutral rating on Liquidity Services shares.
09:13 EDTLQDTLiquidity Services reports Walmart terminates return agreement
Liquidity Services (LQDT) had previously acquired from ILJ Enterprises its business of purchasing closeouts, excess merchandise and customer returns for resale to retailers, wholesalers, and other third parties and consumers. In connection with the acquisition, the company, through one of its subsidiaries, assumed ILJís rights and obligations with Wal-Mart Stores (WMT). Under the Wal-Mart agreement, Liquidity Services has the exclusive right to purchase certain consumer products from Wal-Mart that have been removed from the sales stream of Wal-Martís retail operations. On December 1, Wal-Mart provided Liquidity Services written notice terminating the Wal-Mart Agreement, effective December 8. The termination notice alleges that the company failed to comply with certain provisions under the Wal-Mart agreement with respect to service level requirements and restrictions on the disposition of merchandise, Liquidity disclosed in a regulatory filing late Friday. The company disputes these allegations and is contesting the termination of the agreement with Wal-Mart. The company had been in negotiations with Wal-Mart to address Wal-Martís failure to honor the companyís exclusive right to purchase selected merchandise from Wal-Mart but was unable to reach a satisfactory resolution. The company is currently evaluating all of its options, reserves all rights with respect to this matter and will continue to seek appropriate relief from Wal-Mart for its failure to honor the companyís exclusive rights to purchase selected merchandise and any related actual damages the company has incurred. The company does not believe that the purported termination of the Wal-Mart Agreement will result in the company being unable to meet its financial guidance for its first fiscal quarter ending December 31, 2014, Liquidity Services stated.
06:56 EDTLQDTLiquidity Services receives two-month contract extension from Defense Logistics
Liquidity Services announced that the Defense Logistics Agency has exercised the remaining two one-month extension options under its Surplus sales contract for the disposition of usable surplus property from the U.S. Department of Defense. Through this unilateral contract amendment, the current Surplus Contractís performance period has been extended through February 13, 2015. During this period, the U.S. Department of Defense will continue to use Liquidity Services as the primary sales channel for the disposition of surplus property.
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