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Stock Market & Financial Investment News

News Breaks
April 2, 2014
10:24 EDTLQDT, DG, OMC, DLLR, ROVIHigh option volume stocks: ROVI OMC LQDT DLLR DG
News For ROVI;OMC;LQDT;DLLR;DG From The Last 14 Days
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December 8, 2014
15:19 EDTOMCOmnicom division acquires DDC Advocacy
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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 ILJ’s 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-Mart’s 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-Mart’s failure to honor the company’s 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 company’s 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 Contract’s 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.
December 5, 2014
12:03 EDTDGFive Below plummets after Q4, FY14 outlooks trail analysts' estimates
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10:03 EDTDGFamily Dollar sees Dollar General needing to divest over 3.4K stores, CNBC says
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09:19 EDTDGDollar General says remains committed to purchase of Family Dollar
Dollar General Corporation (DG) issued the following statement in response to comments made by Dollar Tree (DLTR) regarding its view of potential store divestitures that may be required by the FTC in either a Dollar Tree/Family Dollar Stores (FDO) or a Dollar General/Family Dollar combination. Dollar General’s documents and data tell a very different story from that contained in the press release issued today by Dollar Tree. As Dollar General previously has stated, Walmart (WMT), not Family Dollar, is the primary driver regarding Dollar General’s strategic pricing decisions, and more than 90% of Dollar General’s SKUs are nationally priced. Dollar General is confident that its approach to strategic and pricing decisions is both correct and superior to that of Family Dollar and Dollar General has no intention of adopting a flawed strategy -- either now or after an acquisition of Family Dollar -- that it believes would impair its ability to compete with Walmart and lead to inferior financial performance. Dollar General is actively engaged in discussions with the FTC regarding the extent of potential divestitures that would be required in connection with an acquisition of Family Dollar and has been making good progress. Over the past few weeks, Dollar General has provided the FTC with tens of thousands of documents supporting the above facts and its broad view of competition. There is no reason to believe that the FTC would take into account only Family Dollar’s documents and data or afford them greater significance than Dollar General's own evidence. As stated in Dollar General's press release of December 4, Dollar General will continue to work with the FTC and expects to provide an update in sufficient time to allow Family Dollar shareholders to review such information prior to the Family Dollar shareholders’ meeting now scheduled for December 23.
06:09 EDTDGDollar Tree provides update on FTC review of pending acquisition of Family Dolla
Dollar Tree (DLTR) announced that it was providing an update regarding the status of the FTC's review of its pending acquisition of Family Dollar (FDO). Dollar Tree and Family Dollar have been actively engaging with the staff of the FTC as they review the pending merger. The company said, "The staff of the FTC is very focused on the discount retail sector (including how Family Dollar’s current pricing rules would impact store prices in a merger transaction) and has indicated that some divestitures will be required for the Pending Merger, which we believe will be no more than our original commitment in the July 27, 2014, Merger Agreement. Dollar Tree will work diligently with the FTC staff over the next few weeks concerning divestitures. Given the relatively small number of divestitures our transaction implicates, Dollar Tree does not expect any such divestiture to have a material impact on its plans for the combined organization. Furthermore, we believe that we will be in a position to complete the financing for the Pending Merger in January 2015 and to complete the Pending Merger as early as February 2015... In connection with its unsolicited tender offer for Family Dollar, Dollar General (DG) continues to refuse to agree to a “hell-or-high-water” commitment. Based on the foregoing concerns regarding the Pending Merger, Dollar Tree believes that the FTC may require divestitures far in excess of the 1,500 stores that Dollar General has offered to divest in its tender offer for Family Dollar... The special meeting of Family Dollar shareholders to vote on the Pending Merger is currently scheduled for December 23, 2014. To facilitate the FTC’s continued review, and in light of the practicalities associated with the transaction, Dollar Tree and Family Dollar have agreed not to close the Pending Merger until January 30, 2015, unless the FTC completes its review of the Pending Merger and terminates the waiting period at an earlier date. Dollar Tree will continue to provide additional information as the special meeting date approaches."
December 4, 2014
10:27 EDTDGDollar General says it is 'as commited as ever' to Family Dollar acquisition
Dollar General said has been actively engaged with the SEC, making good progress on that front. Since it filed its HSR notification in September, the company said it has provided the FTC with tens of thousands of documents and have had "valuable and productive discussions". Dollar General said the synergies from the acquisition are expected to benefit Dollar General shareholders and consumers for many years to come. Family Dollar is set to vote on the acquisition at a special meeting on December 23. Dollar General said it is "very aware" of the calendar and looks forward to sharing more information in the near future.
10:24 EDTDGDollar General says it may have sacrificed sales to boost units
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07:06 EDTDGDollar General says committed to acquiring Family Dollar
Dollar General stated: “[We] remain committed to acquiring Family Dollar. We expect to provide an update on our offer in time for Family Dollar shareholders to review such information prior to the Family Dollar shareholders’ meeting scheduled for December 23, 2014.”
07:05 EDTDGDollar General sees opening 730 new stores in FY15
In fiscal 2015, the company plans to open approximately 730 new stores, including the company’s first stores in Maine, Rhode Island and Oregon. In addition, the company plans to relocate or remodel approximately 875 stores with a priority on life cycle remodels. In total, square footage growth is expected to be approximately 6%. Site work has begun on a new distribution center in San Antonio, Texas, with shipping expected to commence in late fiscal 2015.
07:04 EDTDGDollar General now sees FY14 adjusted EPS in middle of $3.45-$3.55 prior range
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07:03 EDTDGDollar General nows sees FY14 sales up 8%, at low end of prior range
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07:01 EDTDGDollar General reports Q3 adjusted EPS 79c, consensus 80c
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06:04 EDTDGStocks with implied volatility above IV index mean; DG ACHN
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