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I was thinking around the $5-$7 area actually.
Don't think that's working to well... this thing is shot... I wouldn't touch it until sub $10
Wow, reputation ruined...26% down...wow. Sinking like a lead balloon.
Does anyone know what % of their business was the Chinese Laminate flooring?
Need name change to Lumber Liquidators Liquidators!
Not likely bottom fishing will turn out any better this time.
Can't beat the Formaldehyde special!
Looks like we may have found a bottom 50dma is close :)
Very well could happen. Plenty of good news could come.
I remember 4 years ago when NETLIX made some bonehead decisions, replaced CEO, and weathered the storm. I think LL will do the same and will easily hit $60 within 12 months. Maybe sooner. I'm being greedy when others are being fearful.
Is it a technical bottom or is it the lawsuits are under control, and the discontinuation of selling Chinese laminates ?
LL) bottom turn confirmed, target 40sss.
Very interesting indeed, thanks for the info.
Not sure who started it, but was all over twitter. The street.com commented on it as well.
Twitter rumors can move markets these days.
http://www.thestreet.com/story/13185230/1/lumber-liquidators-ll-stock-gaining-on-unproven-takeover-speculation.html?puc=stocktwits&cm_ven=STOCKTWITS&utm_source=dlvr.it&utm_medium=organic&utm_campaign=stocktwits
Where did that info come from. Do you have a link?
Any thoughts on this?
http://news.stocktradersdaily.com/news_releases/Lumber+Liquidators+Holdings+Inc+LL+Complied+with+CA+Guidelines+61215.html#
Lumber Liquidators Holdings Inc (NYSE:LL) Complied with CA Guidelines
JUNE 12, 2015, BY THOMAS H. KEE JR - EDITOR, STOCK TRADERS DAILY | Subscribe to RSS SUBSCRIBE TO RSS
I have obtained information from the California Environmental Protection Agency Air Resources Board as that relates to retailers of flooring to address the concerns about CARB2 compliance by Lumber Liquidators and specifically the allegations of wrongdoing by Lumber Liquidators Holdings Inc (NYSE:LL).
My previous assertion was that Lumber Liquidators almost surely bought non compliant flooring from Chinese Manufacturers, and that remains true, but my follow up expectation as that relates to costs associated with that needs to be adjusted given what I have learned.
Regulations for Retailers From the
California Environmental Protection Agency | AIR RESOURCES BOARD
Who is subject to the Composite Wood Products Regulation?
The regulation applies to panel manufacturers, distributors, importers, fabricators, retailers, and third party certifiers of HWPW, PB, MDF. It also applies to retailers and fabricators of finished goods containing those products that are sold or supplied to businesses and consumers in California.
What is a retailer?
Retailers are entities that sell or supply finished goods that contain composite wood products directly to consumers that are intended for use in California. Retailers include small independently owned and operated businesses, as well as large national and international businesses.
What does the Composite Wood Products Regulation require?
The regulation requires manufacturers of composite wood products to produce products that meet increasingly strict emission standards. Fabricators of finished goods are required to take reasonable prudent precautions to ensure products they make comply with the emission limits and to keep records. Retailers need to ensure when ordering finished goods from a fabricator to request only products that meet the regulatory requirements for composite wood products.
Are retailers responsible for labeling finished goods?
No. Fabricators are responsible for labeling the finished goods that are supplied to retailers.
As a retailer, what should I do to comply with the regulation?
ü Make sure you request only compliant goods when ordering from a supplier.
ü Check for a statement of compliance on the invoices or bills of lading for any finished goods that are made with HWPW, PB, or MDF -- the regulation requires suppliers to include such a statement indicating compliance with the regulation.
ü Check to make sure any finished good containing composite wood products is labeled on the box or the item itself by the fabricators to show:
o Fabricators name
o Date of fabrication
o Compliance statement (such as “Complies with CARB 93120”)*
ü Keep records, such as invoices, of all regulated finished good purchases. Make sure the records show the date of purchase and the supplier.
ü Keep records for at least two years.
* CARB 93120 is a reference to the regulatory language of the California Code of Regulation, section 93120-93120.12.
Opinion:
The Regulations for Retailers as offered in the facts provided by the California Environmental Protection Agency Air Resources Board, who oversees CARB Compliance, suggests that retailers themselves do not need to verify compliance with CARB 2 over and beyond validating labels from the manufacturers.
In fact, it is, according to The Board, the manufacturer's responsibility to properly label laminate flooring and it is the retailer's responsibility to properly inspect the labels and compliance statements from the manufacturers.
This does not absolve Lumber Liquidators completely, but it certainly suggests that Lumber Liquidators, as we saw on 60 minutes, may have been selling flooring that they believed was compliant but that was mislabeled by the manufacturer. This absolves Lumber Liquidators from allegations of wrongdoing, but I still expect costs to be incurred. The costs will not be related to fines imposed by the 'Clean Air Board.'
Obviously legal costs are one part of this, but I also believe that California will request that Lumber Liquidators satisfy consumer concerns monetarily. Given California's stance on 'pulling up laminate flooring' I do not believe that California will request Lumber Liquidators to replace flooring that may have been sold with improper labels.
Statement from the 'Clean Air Board'
"Various studies have shown that laminated and engineered flooring and sealed surfaces and edges reduce the emissions from the platform materials and that the emissions generally decrease as the product ages. As a general rule, we do not recommend removing a flooring product unless there are noticeable health effects (i.e. nose and throat irritation, a burning sensation of the eyes, wheezing, and difficulty in breathing), and other measures taken to alleviate them have failed and there is good reason to believe the flooring is the source of the problem."
Given 'The Clean Air Board's' stance on removing flooring that is not causing problems and in light of the attention being paid to this matter by the public I do expect that Lumber Liquidators will incur costs, I have previously estimated them to be approximately $50 million, which included the removal of previously installed flooring and the replacement costs of compliant flooring, but given this information my estimates have been significantly reduced. The costs to Lumber Liquidators will not include fines, and the costs to satisfy customer complaints will only likely be half of my previous estimate.
In addition, facts that painted Lumber Liquidators in a very negative light are discounted by the 'Clean Air Board's' statements and that is a material event given current public perception.
Based on current Valuation levels I expect Lumber Liquidators to trade near $40.
LL is a Strong Buy in my opinion.
Works for me if the rumor is true. If not there is more coming out daily on the inner workings of the way this all went down.
Darn it..should have gotten in @$20 but was too afraid to jump.
Twitter rumors that HD buying LL for $35-$40
When I put my CEO hat(shoes) on and look at this situation from that point of view; My first order of business is to replace everyone in charge by giving them a choice to resign or be fired! By replacing these employees I am able to get to the source of the problem with new eyes that are not entrenched in the way things were being done.
Everybody is looking down on LL
expecting more weskness. And the short sellers have loaded up.
As I said 2 mo's ago this will go to a dollar an join the illustrious penny stocks...mgt has no moral compass and There gig is up...
Very smart strategy. Sometimes the perception of something being very wrong is more important than reality
No split, very bad 60 min story about formaldehyde being in the wood coming from China; CEO quit last week without any discretion...VERY BAD FOR THE COMPANY RIGHT NOW!
I'm not a trader im an investor. Was there a 4/1 split or something? LL is huge in my area I know they sell a lot
If your holding from $70 and honestly don't know what happened to LL, you shouldn't be trading, sorry for your loss...
sorry asher. unfortunately, no split. catch up on the LL news from the past couple of months. lawsuits, 60 minutes, china, etc...this latest downturn was related to the ceo suddenly announcing his resignation. gltu
Split right? I'm holding from $70s
please tell me there was a stock split..why does the price show $21?
Sold today, lost a little under 100 bucks. Not comfortable holding over the long weekend.
support just broke. could slide all the way back to 20.44, 19.86 then 19.67 glta
Hedge fund manager Whitney Tilson on Thursday released a letter detailing his thoughts on the resignation of Lumber Liquidators Holdings Inc (NYSE: LL)'s CEO Robert Lynch.
Tilson is the founder of Kase Capital and holds a short position in Lumber Liquidators. His short position is based on his well-communicated view that the company has been knowingly endangering its customers with toxic, formaldehyde-drenched laminate flooring.
"The announcement this morning that Robert Lynch is resigning as Lumber Liquidators' President, CEO and board member was not only a surprise to the company, but to me as well," Tilson wrote. "In fact, in light of the company's circle-the-wagons, deny-and-attack approach since the 60 Minutes story aired on March first, I'm shocked by this announcement because it undermines all of the company's denials since the 60 Minutes story aired."
its going to $5.00
funny you ask. I did say I was looking to buy again if it broke below $25 and it had not been trading very well lately and then this bombshell of news with CEO leaving pushes it down another $4 today with heavy volume.
I will watch it for a while before jumping in.
only in for small amount. luckily. the risk of buying this stock just increased quite a bit.
report is only 10% of their business would be affected by these particular floors but CEO leaving (he was probably going to be fired anyways) is not helping matters.
lawsuits and many other factors could drive this stock into mid teens so I will hold what I have now and wait until dust settles which may end up being around $15-$16 unless it gets really bad.
funds were dumping today so this will not see $25+ for a while imo.
shorts will continue to pressure this stock for next 6 months.
remember how the stock traded after his interview with Scott on halftime (cnbc)?? something smelled then
Did you get some more
On sale!!
Playing the bounce. Blue Plate Special. But now I am chained to the screen today.
Picked up 200 shares at $21.51 to trade.
Let this be a lesson to you all who buy and sell anything made in China!
Added 8 times more than my original low $30's at $21.09.
CEO quitting may be good for the company in the long run...
This CEO is under more pressure than Obama haha. I don't blame him for resigning. And you better believe he'll be updating shares at some point...
Like I said teens coming haha!!
Ouch big time PM
I agree with you.
Like I said, perfect short to $25. Don't look now but then teens aren't far away...
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