Lumber Liquidators ($LL) Stock | Shares Plummet on CDC Comments

Shares of Lumber Liquidators are down over 20% this morning as comments from the Centers for Disease Control and Prevention stated that they believe the company’s flooring has a much higher risk for cancer risk than originally believed. The CDC stated that “the estimated risk of cancer is 6-30 cases per 100,000 people” instead of the 2-9 cases per 100,000 as previously reported. Shares were trading at $11.08 in the premarket session after closing Friday at $14.21, a 22% decrease in value. We should see some support come in at the $10.53 level from previous lows a couple weeks ago and resistance levels will be met at the $12 and $13 marks. LL has been under fire ever since the 60 Minutes broadcast back in March of 2015 when they said that their laminates contained high levels of formaldehyde. Shares have been crushed since this news has hit the wire and with this recent news now out, we will continue to see strong selling pressure. Look for higher than average volume and volatility today in this stock.

Lumber Liquidators Holdings, Inc. is a multi channel specialty retailer of hardwood flooring and hardwood flooring enhancements and accessories in the U.S. It offers exotic and domestic hardwood species, engineered hardwood, laminate, vinyl plank, bamboo and cork direct to the consumer. The company also provides a wide selection of flooring enhancements and accessories, including moldings, noise reducing underlay, adhesives and flooring tools. Lumber Liquidators was founded by Thomas David Sullivan in 1994 and is headquartered in Toano, VA. (MarketWatch)