Lumber Liquidators (LL) Gives Up Rumor-Fueled Gains

Lumber Liquidators Holdings (NYSE: LL) is giving back all of yesterday's rumor-induced gains and then some. Shares are off 3.2% to $74.15. Yesterday, shares moved from $74.20 to $76.59 on unsubstantiated rumors of a takeover by Lowes. We questioned the rumor immediately.

On a positive note for LL, Piper Jaffray analysts noted that total flooring industry sales grew +4% y/y in Q2 according to Catalina Research, representing modest acceleration from Q1 industry growth of +3%. Hard surface sales grew +6.6% in Q2 vs. +4.9% in Q1. The growth, while solid, remains below last year 7%, and even below the long-term growth rate of 5%.

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