LL - Why Shares of Lumber Liquidators Are Falling Today
Shares of Lumber Liquidators (NYSE: LL) fell more than 10% on Friday after the company's founder said he would not seek to take the company private. A takeover represented the best chance investors had of a quick recovery in its stock price, and so shareholders were understandably disappointed with the update.
Lumber Liquidators has suffered from some of the same woes as other consumer stocks, with the company in August lowering full-year guidance due to lower foot traffic and trade uncertainty. But the shares got a boost in early September after founder Thomas D. Sullivan said he was working on a plan to take the company private.
Image source: Getty Images.