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Stock Market & Financial Investment News

News Breaks
July 28, 2014
15:00 EDTLQDTIronPlanet awarded contract for DoD rolling stock surplus
IronPlanet announced that it was awarded the U.S. Defense Logistics Agency contract to manage and sell rolling stock surplus assets of the U.S. Department of Defense. The DLA issued the final contract award to IronPlanet on July 25, pursuant to a competitive bid process that was held on April 1. Bids for the Surplus Contract were based on a percentage of the sales price of the items that bidders will share with the DLA. IronPlanet estimates $50M-$70M of rolling stock annually, and its bid was equal to 75.29% revenue share to the DLA. The Surplus Contract has a base term of two years with four one-year renewal options. Following the bid process, Liquidity Services (LQDT) filed a bid protest with the Government Accountability Office. This protest and supplemental protests filed were denied by the GAO on July 23. Rolling stock includes surplus trucks, trailers, generators, wheel loaders, cranes, crawler tractors, and other equipment. While Surplus Contract volume will begin to flow to IronPlanet in the third quarter of 2014, the contract is scheduled to fully commence late 2014 into 2015. “We are very pleased and excited to be officially awarded this contract, and to partner with the Defense Logistics Agency. We have already begun moving forward leveraging our existing infrastructure and resources to build the dedicated capabilities necessary to maximize the returns for the U.S. Department of Defense, and ultimately the U.S. taxpayer, in selling their surplus rolling stock assets,” said Greg Owens, CEO, IronPlanet.
News For LQDT From The Last 14 Days
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November 20, 2014
12:46 EDTLQDTOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday despite disappointing purchasing managers' index readings in both China and Europe. The market took its early lead from Europe and opened lower, though the major averages moved into positive territory following a trio of better than expected domestic economic reports, as the leading economic indicators, Philadelphia Fed survey, and existing home sales all beat consensus forecasts. ECONOMIC EVENTS: In the U.S., initial jobless claims fell 2K to 291K in the week ended November 15, versus expectations for 280K first-time claims. The Consumer Prices Index was unchanged in October, versus expectations for a drop of 0.1%. The core CPI reading, which excludes food and energy, rose 0.2%, versus expectations for an increase of 0.1%. Markit's flash manufacturing PMI slipped 1.2 points to 54.7 in November, versus the consensus forecast for a 56.5 reading. Existing home sales rose 1.5% to a 5.26M rate in October, which beat expectations for a decline to a 5.15M unit rate. The index of leading indicators climbed 0.9% to 105.2 in October, beating expectations for a 0.5% increase. The Philadelphia Fed manufacturing index surged to 40.8 in November, easily topping the consensus expectation for a 18.0 reading. In Asia, the HSBC/Markit manufacturing PMI for China fell to a six-month low of 50.0 in the flash reading for November, which is down from a final reading of 50.4 in October and below the 50.3 consensus forecast. In Europe, Markit's flash eurozone PMI composite output index, which tracks surveys from both the manufacturing and services sectors, came in at 51.4 for November, which was down from 52.1 in October and represents the measure's lowest level in 16 months. COMPANY NEWS: Shares of Best Buy (BBY) advanced 7% after its third quarter profit beat estimates and it reported that its domestic same-store sales grew 3.2%. The electronics retailer also said the sales trends it is seeing as its enters the critical fourth quarter are "encouraging from a top-line perspective." MAJOR MOVERS: Among the notable gainers was Williams-Sonoma (WSM), which rose nearly 10% after the home goods retailer's third quarter results surpassed analysts’ consensus estimates and the company raised its fiscal 2014 outlook. Also higher following its own "beat and raise" quarterly report was Kirkland's (KIRK), which advanced 18%. Among the noteworthy losers was Liquidity Services (LQDT), which dropped 9% after its fourth quarter earnings missed expectations and the company said it will no longer give yearly guidance. Also lower was Keurig Green Mountain (GMCR), which dropped 6% after its first quarter profit outlook fell short of analysts’ consensus estimates and the company's Chief Financial Officer announced plans to depart. INDEXES: Near midday, the Dow was up 7.84, or 0.04%, to 17,693.57, the Nasdaq was up 22.08, or 0.47%, to 4,697.80, and the S&P 500 was up 3.01, or 0.15%, to 2,051.73.
07:02 EDTLQDTLiquidity Services suspends yearly guidance
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06:59 EDTLQDTLiquidity Services sees 1Q15 adjusted EPS 16c-22c, consensus 25c
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06:56 EDTLQDTLiquidity Services reports Q4 adjusted EPS 13c, consensus 15c
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