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Stock Market & Financial Investment News

News Breaks
July 10, 2014
07:03 EDTTTS, LLTile Shop estimates lowered on Lumber Liquidators results at Credit Suisse
Credit Suisse lowered Tile Shop (TTS) estimates following weak Lumber Liquidators (LL) results. The analyst said Tile Shop's comps have a high correlation to Lumber Liquidators and said its not immune to weaker macro factors. Shares remain Outperform rated with a $16 price target, down from $18.
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July 10, 2014
06:28 EDTLLOptions expected to be active
Options expected to be active: LL PBPB VNO FDO WFC COST ZUMZ UAL BA
06:25 EDTLLLumber Liquidators downgraded to Neutral from Outperform at Credit Suisse
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05:40 EDTLLLumber Liquidators downgraded to Hold from Buy at Jefferies
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July 9, 2014
18:50 EDTLL, TTSOn The Fly: After Hours Movers
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18:09 EDTTTS, LLLumber Liquidators plummets after cutting full-year outlook
Shares of hardwood flooring and accessories retailer Lumber Liquidators (LL) are sinking in after-hours trading after the company cut its fiscal 2014 outlook. It also forecast second quarter results far below analysts' consensus estimates. WHAT'S NEW: After the bell, Lumber Liquidators forecast Q2 earnings per share of 59c-61c, far short of the consensus estimate of 90c. Q2 sales came in at $263.1M, also well below estimates of $303.21M. Comparable store sales decreased 7.1% for the quarter, and the company expects gross margin in Q2 to contract year over year. WHAT'S NOTABLE: Due to the weak Q2 performance, the company cut its FY14 EPS view to $2.65-$3.00 from $3.25-$3.60, versus consensus of $3.34. It also lowered its FY14 revenue outlook to $1.05B-$1.1B from $1.15B-$1.2B, versus consensus of $1.16B. It forecast comparable store net sales in the low single digits, either positive or negative, compared to its previous view of an increase ranging from mid to high single digits. It sees opening a total of 33 to 37 new store locations in the expanded showroom format, down from the previous view of 35 to 40. CEO Lynch said, "A number of the factors weighing on our second quarter results are likely to continue in the second half of 2014. While we believe the third quarter may be weaker than we originally anticipated, we have a strong sense of urgency and we expect to regain traction to deliver operating margin expansion in the second half and in coming years." PRICE ACTION: In evening trading, Lumber Liquidators fell $13.52, or 19.2%, to $56.90 on heavy trading volume. OTHERS TO WATCH: Other companies in the flooring space include Tile Shop (TTS), down 5%, Home Depot (HD), down 1%, and Lowe's (LOW), down 1.8%.
17:38 EDTLLLumber Liquidators says 'clearly disappointed' in Q2 performance
On Lumber Liquidators' conference call update its Q2 outlook, management said, "We are clearly disappointed in our second quarter performance." Comparable store sales were far short of the company's original expectations, due primarily to a low number of customers invoiced, and to a lesser extent, a lower average sale. Gross margin was adversely impacted by net shifts in the sales mix, and greater discounting at the point-of-sale. Management said net sales were adversely impacted by weak customer demand for wood flooring and constrained inventory in certain key merchandise categories. They pointed to Asia, and China specifically as the biggest challenge as a source country.
16:42 EDTLLLumber Liquidators trades sharply lower after hours after guidance
The shares are down over 15.8% to $59.25 in the extended session after the company lowered its FY14 outlook. At that price, next support is at $57.48. This move lower breaks the 52-week low set into today's regular session at $69.65. Resistance is at $60.54.
16:40 EDTLLOn The Fly: Closing Wrap
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16:33 EDTLLLumber Liquidators down 16% following lowered FY14 outlook
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16:32 EDTLLLumber Liquidators CEO says traffic 'significantly weaker than expected'
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16:29 EDTLLLumber Liquidators sees Q2 EPS 59c-61c, may not compare to consensus 90c
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16:26 EDTLLLumber Liquidators lowers FY14 EPS view to $2.65-$3.00 from $3.25-$3.60
FY14 consensus $3.34. Lowers FY14 revenue view to $1.05B-$1.1B from $1.15B-$1.2B, consensus $1.16B. Sees change in comparable store net sales in the low single digits, either positive or negative, from the previous increase ranging from mid to high single digits. Sees opening of a total of 33 to 37 new store locations in the expanded showroom format, from the previous range of 35 to 40 new store locations. CEO Lynch said, "Though we continue to believe we are early in a multi-year housing recovery that will drive home improvement spending, a number of the factors weighing on our second quarter results are likely to continue in the second half of 2014. We are focused on continuous improvement in our operations, strengthening our leadership in product price and quality and elevating customer recognition of our superior value proposition. While we believe the third quarter may be weaker than we originally anticipated, we have a strong sense of urgency and we expect to regain traction to deliver operating margin expansion in the second half and in coming years. We remain confident in the long-term strength of our business model and believe that the investments we have made in our strategic initiatives will continue to drive market share gains in the future."
16:23 EDTLLLumber Liquidators lowers FY14 outlook
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14:32 EDTLLLumber Liquidators slides ahead of Q2 report
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14:25 EDTLLLumber Liquidators to hold a conference call
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11:51 EDTLLOptions with increasing implied volatility:
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11:24 EDTLLHigh option volume stocks
High option volume stocks: GIMO NEPT BPOP AVAV CBSO LL BOBE KWK GNC TCS
10:36 EDTLLLumber Liquidators volatility increases on wide price movement
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July 8, 2014
10:17 EDTLLLumber Liquidators call active on renewed takeover chatter
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09:57 EDTLLRumor: Lumber Liquidators moves off lows on renewed takeover chatter
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