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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of surplus-goods marketplace operator Liquidity Services (Nasdaq: LQDT ) are on a wild ride today, plunging by as much as 16% in the morning only to recover into positive territory currently, after the company reported third-quarter earnings this morning.
So what: The initial sell-off may be attributed to the bottom-line miss, as earnings per share came in at $0.14, which was a nickel per share short of the estimate of $0.19. Meanwhile, the top line showed a better-than-expected $80.7 million.
Now what: Liquidity Services CEO Bill Angrick said that the company "continued to grow our market share and build on our leadership position in the reverse supply chain market during a seasonally low quarter for the Company," and also cited strength with large commercial and government clients. For its fiscal 2012, the company sees earnings per share in the range of $1.26 to $1.32, compared to the consensus of $1.13. While the gut reaction to the profit miss may have triggered some selling, the long-term prospects look just fine.
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