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Stock Market & Financial Investment News

News For M;LQDT;DIS;BLOX;TGT;TIF;GES;RIMM;TKR;GPS;ARO;KR From The Last 14 Days
Check below for free stories on M;LQDT;DIS;BLOX;TGT;TIF;GES;RIMM;TKR;GPS;ARO;KR the last two weeks.
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April 3, 2014
11:13 EDTLQDTHigh option volume stocks: LQDT ACTG ADI PGR URS
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11:04 EDTLQDTLiquidity Services continues slide, confirms withdrawal from DoD auction
Shares of surplus and salvage asset marketplace operator Liquidity Services (LQDT) are sliding again after the company confirmed it's withdrawal from auction bidding for a U.S. Department of Defense contract and said it will need to reset its adjusted earnings expectations. WHAT'S NEW: Liquidity Services announced that it will reset its outlook for earnings before interest, taxes, depreciation, and amortization, or EBITDA, for fiscal year 2015 after withdrawing from the bidding process for one defense contract and due to higher costs for another. Liquidity said that it remains the high bidder for a contract to purchase, manage and sell non-rolling stock surplus assets for the DoD with a bid equal to 4.35% of the department's original acquisition value, which is up from 1.8% previously. The company also confirmed it withdrew from an auction for a rolling stock contract due to the fact that bidding reached a level that it determined would be "economically unsustainable." The company said that if it agreed to the contract, the result would be significantly higher costs of goods sold in FY15 and beyond. Liquidity Services said it will continue to operate its current DoD surplus contract to sell all usable surplus assets including rolling stock and non-rolling stock assets for a base term ending in December, with two additional one-month renewal options. Accordingly, the company expects the bid results from the last two days to not affect its results for fiscal year 2014. ANALYST OPINION: Following today's news, Liquidity Services was downgraded to Neutral from Outperform at RW Baird, which cited the "unfavorable" auction results. The firm lowered its price target for shares to $19 from $30. Baird analyst Colin Sebastian said the firm is lowering its FY15 EBITDA estimate by $40M and sees few near-term positive catalysts outside of potential short covering on the stock. WHAT'S NOTABLE: Yesterday, Liquidity Services shares were down after the company announced that it was the highest bidder for the DoD non-rolling stock surplus contract. Baird stated in a separate note yesterday that Liquidity's high bid for the non-rolling liquidation contract was "quite a bit" higher than the firm had anticipated. The firm said then that its Outperform rating was under review pending the full contract results. PRICE ACTION: During morning trading, shares of Liquidity Services fell $2.85, or 13.66%, to $18.01. The stock had declined about 6.7% yesterday and over the last month shares have lost over 18.5%.
10:00 EDTLQDTOn The Fly: Analyst Downgrade Summary
BB&T (BBT) downgraded to Outperform from Strong Buy at Raymond James... Broadcom (BRCM) downgraded to Neutral from Overweight at Piper Jaffray... CF Industries (CF) downgraded to Neutral from Buy at Citigroup... CSX (CSX) downgraded to Equalweight from Overweight at Barclays... Cheniere Energy (LNG) downgraded to Neutral from Outperform at Credit Suisse... Citigroup (C) downgraded to Neutral from Buy at Sterne Agee... Deutsche Bank (DB) downgraded to Neutral from Overweight at JPMorgan... G&K Services (GK) downgraded to Neutral from Outperform at RW Baird... Marcus (MCS) downgraded to Neutral from Buy at B. Riley... National Retail Properties (NNN) downgraded to Sell from Neutral at UBS... Norfolk Southern (NSC) downgraded to Neutral from Overweight at Atlantic Equities... Orion Energy (OESX) downgraded to Hold from Buy at Ascendiant... VIVUS (VVUS) downgraded to Underweight from Neutral at Piper Jaffray... Liquidity Services (LQDT) downgraded to Neutral from Outperform at RW Baird... Shaw Communications (SJR) downgraded to Sector Performer from Outperformer at CIBC... USG (USG) downgraded to Neutral from Outperform at Macquarie... Level 3 (LVLT) downgraded to Hold from Buy at Gabelli... U.S. Bancorp (USB) downgraded to Neutral from Conviction Buy at Goldman... Extra Space Storage (EXR) downgraded to Buy from Conviction Buy at Goldman... First Republic Bank (FRC) downgraded to Buy from Conviction Buy at Goldman... TELUS (TU) downgraded to Neutral from Outperform at Macquarie.
09:14 EDTLQDTOn The Fly: Pre-market Movers
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09:00 EDTLQDTLiquidity Services falls 14%
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08:58 EDTLQDTLiquidity Services downgraded to Neutral from Outperform at RW Baird
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08:23 EDTLQDTLiquidity Services says April 1-2 bid results won't affect FY14 results
08:20 EDTLQDTLiquidity Services says withdrew from live auction bidding for DoD contract
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07:18 EDTTGTTarget heading in the right direction, says Piper Jaffray
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April 2, 2014
16:21 EDTLQDTOn The Fly: Closing Wrap
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12:33 EDTLQDTOn The Fly: Midday Wrap
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12:00 EDTLQDTLiquidity Services falls 11.5%
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10:24 EDTLQDTHigh option volume stocks: ROVI OMC LQDT DLLR DG
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10:05 EDTLQDTLiquidity Services falls 11.6%
Liquidity Services is down 11.6%, or $2.59, to $19.76
09:09 EDTLQDTLiquidity Services winning bid higher than expected, says RW Baird
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09:00 EDTLQDTLiquidity Services falls 6.5%
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08:41 EDTBLOXPacific Crest to hold a forum
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07:01 EDTLQDTLiquidity Services is apparent high bidder for U.S. DoD contract
Liquidity Services announced it has been determined the apparent high bidder for a contract with the U.S. Defense Logistics Agency to purchase, manage and sell non-rolling stock surplus assets of the U.S. Department of Defense. Liquidity Services, Inc.ís high bid was equal to 4.35% of the DoDís original acquisition value. The Surplus Contract has a base term of two years with four one-year renewal options. Bidding for the DoD surplus rolling stock contract will take place in a live auction being held by the DLA on April 2. Following the conclusion of the auction event and a DLA determined apparent high bidder, Liquidity Services will provide an update on the event results.
06:40 EDTDISDisney expanded use of new high tech wristbands, NY Times says
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06:18 EDTDISHulu, Comcast expected to strike deal for past NBCU shows, WSJ reports
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