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Stock Market & Financial Investment News

News Breaks
July 30, 2014
08:33 EDTLQDTLiquidity Services awarded surplus contract with DoD
Liquidity Services announced the award of its new Surplus Contract with the Defense Logistics Agency Disposition Services of the U.S. Department of Defense to manage the receipt, storage, marketing and sale of all usable non-rolling stock surplus property generated by DoD installations in the United States and its territories. The contract has a 24-month base term with four 12-month renewal options, including the option to add international locations and other commodity categories upon mutual agreement. There is a six-month ramp up period prior to the effective date of the new Surplus Contract during which time the Company will adjust its operations to conform to the requirements of the new contract. Liquidity Services expects to commence operations under the new contract during the first half of its fiscal year 2015. The new surplus contract ensures Liquidity Services will continue to serve as the primary channel for the sale of DoD usable surplus property in key asset verticals, including: aerospace, audio/video, boats and marine vessels, communications, field gear, fitness and sporting equipment, heavy industrial equipment, machine tools, material handling equipment, medical and dental, test and measurement equipment, and technology. Under the terms of the new contract, Liquidity Services will pay DLA approximately 4.35% of DoDís original acquisition value for all items referred, including an upfront payment of 0.5% of the OAV and a backend payment of 3.85% of the OAV after 120 days. Liquidity Services will retain 100% of the profit from the resale of the property and bear all of its costs for the transport, storage, merchandising and sale of the property.
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 analystsí 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 analystsí 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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