Market Update

Shares of Lumber Liquidators Holdings Inc LL dipped about 22.3% after the retailer lowered its full-year forecast and projected weaker-than-expected results for the second quarter. The retailer now expects full-year earnings between $1 and $1.15 per share on sales of $670 million to $700 million, down from its earlier forecast of $1.13 to $1.28 per share on sales of $700 million to $730 million. Lumber Liquidators projects Q2 earnings between $0.18 and $0.20 per share on sales of $175.5 million. However, analysts expected earnings of $0.31 per share on sales of $187 million. Lumber Liquidators also projects an 8% drop in same-store sales, versus a 5.5% rise in the year-ago period. Visa Inc V projected its earnings-per-share growth to slow to the mid-to-high teens and revenue growth to slow to the high-single-digit to low-double-digit range in 2012. However, analysts were expecting 11% revenue growth and 16% earnings growth for 2012. The company affirmed its forecast for current fiscal year. Seven & I Holdings Co Ltd SVNDY reported a 46.1% y/y drop in its net profit for the fiscal first quarter ended May. The group's net profit came in at Y13.11 billion, versus a year-ago profit of Y24.29 billion. Its revenue fell 9.9% to Y1.122 trillion from Y1.246 trillion. Its operating profit surged 30% to Y68.23 billion. For this fiscal year ending February 2012, the group lifted its earnings forecast to Y105 billion from Y87.5 billion. It also lifted its group operating forecast to Y274 billion from Y248 billion. The group also lifted its revenue projections to Y4.68 trillion from Y4.60 trillion.