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Lumber Liquidators shares are crashing after a damning '60 Minutes' report
Business Insider ^ | 03/02/2015 | Myles Udland

Posted on 03/02/2015 9:34:30 AM PST by SeekAndFind

Lumber Liquidators shares are getting smoked after a report aired on "60 Minutes" Sunday night that showed major issues at some of the company's factories in China.

Near 11:15 a.m. ET on Monday, shares of the company were down more than 22%.

In premarket trade Monday, shares of Lumber Liquidators — North America's largest specialty retailer of hardwood floor — were down as much as 24%.

At the opening bell on Monday, shares of the company were halted, news pending.

Just after 11:00 a.m. ET, the company released a statement regarding the "60 Minutes" report, saying the newsmagazine used an improper testing method.

The "60 Minutes" report showed a factory in China making laminate flooring for Lumber Liquidators that was deliberately mislabeled to show that it complied with California regulations when it did not.

The report centered on elevated levels of formaldehyde, a known carcinogen, in Lumber Liquidators laminate flooring products sold in California.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy
KEYWORDS: 60minutes; formaldehyde; hardwoodfloors; laminateflooring; lumberliquidators; stockmarket
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To: SeekAndFind

Don’t worry radon neutralizes formaldehyde.


21 posted on 03/02/2015 9:50:27 AM PST by central_va (I won't be reconstructed and I do not give a damn.)
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To: gwgn02

Exactly the dose makes the poison and the low level exposure from these products is not going to do jack.


22 posted on 03/02/2015 9:50:48 AM PST by TBall
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To: dfwgator
"Could also be a case of the company not paying their tribute to the DNC for the month."

There is not a lot of difference between the Democrat Party and organized crime, except that the latter is less hypocritical about their shakedowns.

23 posted on 03/02/2015 9:51:46 AM PST by Wallace T.
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To: DefeatCorruption

COMCAST——... THE WORST COMPANY EVER!


24 posted on 03/02/2015 9:51:46 AM PST by litehaus (A memory tooooo long)
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To: dfwgator

I believe you are close to the mark.

Lumber Liquidators advertises on Rush and Howie Carr.

I bought about 2000 sq ft of bellawood brazilian teak from them.

GREAT floors!


25 posted on 03/02/2015 9:53:28 AM PST by Westbrook (Children do not divide your love, they multiply it)
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To: TBall

Most of the environmental formaldehyde toxins “outgas” while waiting to be shipped, or sitting on store shelves. Wonder why Lowe’s, Home Depot etc have that odd smell...part of is the workers...lol JK...its the offgassing of product. By the time it enters your home, the levels are very very low. CARB standards are ridiculously stringent like everything else in CA.


26 posted on 03/02/2015 9:54:38 AM PST by gwgn02
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To: freedumb2003

LOL


27 posted on 03/02/2015 9:56:29 AM PST by stephenjohnbanker (My Batting Average( 1,000) (GOPe is that easy to read))
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To: Last Dakotan
Moving your manufacturing base to China = Corporate suicide When will they ever learn?

For many companies, not doing so is corporate suicide. Apple's earnings spiked right after it moved its Mac assembly lines to China. It has stopped assembling its products stateside. If your logo is on the end product, the trick is to conduct random audits without forewarning. But that's true even if you're manufacturing stateside. Some manufacturers went overboard in their cost-cutting, perhaps figuring that they could cut back on both auditing and labor costs. The ones that did not have had few issues. Dell assembled PC's from Chinese-made parts at inception, but gradually moved all assembly to China while becoming the biggest PC maker in the world.

28 posted on 03/02/2015 9:58:35 AM PST by Zhang Fei (Let us pray that peace be now restored to the world and that God will preserve it always.)
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To: NEMDF
Sounds like it is soaked in formaldehyde, dangerous stuff.

They put it in your body after you're dead, so it can't be too dangerous.

29 posted on 03/02/2015 9:58:40 AM PST by Veggie Todd (The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants. TJ)
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To: SeekAndFind

American manufacturing is doing great...on foreign soil.


30 posted on 03/02/2015 10:04:20 AM PST by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: Scrambler Bob

Multi-million dollar homes in FL, too.


31 posted on 03/02/2015 10:05:43 AM PST by LadyBuck (If your name isn't on a list already, you should be ashamed.)
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To: Zhang Fei
For many companies, not doing so is corporate suicide. Apple's earnings spiked right after it moved its Mac assembly lines to China.

Bull crap. Apple would still be making billions if all of it's manufacturing were performed in the USA. The amount of labor per phone is about 16 dollars. if made in the USA it would be 4x times that or 64 dollars. That is 64 dollars on a 800 dollar phone.

Apple Inc earned gross margins of 49 to 58 percent on its U.S. iPhone sales between April 2010 and the end of March 2012.

Profit margin on i-phone

32 posted on 03/02/2015 10:07:11 AM PST by central_va (I won't be reconstructed and I do not give a damn.)
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To: DefeatCorruption

RE: LUMBER LIQUIDATORS... THE WORST COMPANY EVER!

You mean they had this reputation before this recent news hit?


33 posted on 03/02/2015 10:10:00 AM PST by SeekAndFind (If at first you don't succeed, put it out for beta test.)
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To: DoodleDawg
Wasn’t there a similar stink a couple of years ago concerning formaldehyde in Chinese-made drywall?

Yeah....and the leaking water/sewer plastic pipes from China....a few years back.

34 posted on 03/02/2015 10:12:49 AM PST by spokeshave (He has erected a multitude of New Offices, and sent hither swarms of Officers to harass our people,)
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To: dfwgator

LOL, where is that from?


35 posted on 03/02/2015 10:13:54 AM PST by headstamp 2
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To: dfwgator
Could also be a case of the company not paying their tribute to the DNC for the month.

I read somewhere that the Lumber Liquidators company are BIG supporters of the DNC so maybe you are right.

36 posted on 03/02/2015 10:17:22 AM PST by johnny reb (When in the course of human events.....)
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To: TBall
If your home was built in the '70s, '80s or '90s, the press board used could contain formaldehyde, explains Lee. And the plastic laminate in those homes was almost always glued and manufactured with formaldehyde as well. And if your home was built before the '60s, the floor and wall coverings may contain asbestos gluing agents.

Good thing these guys got on the stick to warn us............about a Conservative company and a brand new issue! I remember the hoopla over formaldehyde and mobile homes decades ago.

37 posted on 03/02/2015 10:23:53 AM PST by Mastador1 (I'll take a bad dog over a good politician any day!)
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To: central_va

Most likely Apple couldn’t build a plant in America if they wanted to. The battery manufacturing would be harder to get through than the XL pipeline.

Pray America is waking


38 posted on 03/02/2015 10:25:31 AM PST by bray (Palin/Cruz to the WH)
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To: bray

R U kidding, these lunatic e cars manufactures are building huge lithium batteries in the USA. Tesla moved batteries from Thailand to CA of all places. Don’t know how they got permission to do that.


39 posted on 03/02/2015 10:28:42 AM PST by central_va (I won't be reconstructed and I do not give a damn.)
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To: dfwgator; headstamp 2

https://www.youtube.com/watch?v=Wc2o8ywKqos


40 posted on 03/02/2015 10:30:02 AM PST by petercooper ("How To Destroy The Country In 6 Short Years" by Barack Obama & the Democrats)
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