UPDATE: US Accuses China Of Unfairly Dumping Wood-Flooring Products

Lumber Liquidators Holdings, Common Stock (NYSE:LL)
Saturday 21 May 2011

The U.S. will impose duties of up to 83% on multi-layered flooring imports from China, the U.S. Commerce Department said Friday in a determination that Chinese companies were selling the products for less than fair value.

As a result, Commerce will instruct Customs and Border Protection to collect a cash deposit or bond based on these preliminary rates.

The trade-remedy investigation against Chinese companies has pitted U.S. flooring producers against local distributors who benefit from the imports.

Eight U.S. flooring makers sought relief from Chinese floor imports last October, claiming the imports were being unfairly subsidized and dumped, or sold below fair value. Shaw Industries, a unit of Berkshire Hathaway Inc. (BRKA, BRKB), formed the ad hoc Coalition for American Hardwood Parity, along with Anderson Hardwood Floors, Award Hardwood Floors, Baker's Creek Wood Floors, From the Forest, Howell Hardwood Flooring, Mannington Mills, and Nydree Flooring.

But Lumber Liquidators Inc. (LL), which operates a chain of flooring stores, has opposed the duties.

Multi-layered wood imports fell to $120 million in 2009 from $148 million the previous year. However, the U.S. International Trade Commission found in December that imports from China had climbed 17% during the first nine months of last year, increasing the share of the U.S. market to 47% from 43% the year before.

-By Jamila Trindle

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Flint Telecom Group (OTCBB:FLTT)
Saturday 21 May 2011

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Stocks end the day and week lower

By Hibah Yousuf and Ken Sweet May 20, 2011: 4:50 PM ET




NEW YORK (CNNMoney) -- U.S. stocks finished lower Friday, amid weak outlooks from retailers and as the dollar rallied on Greek debt jitters.

The Dow Jones industrial average (INDU) dropped 93 points, or 0.7%. Earlier in the session, the blue-chip index slumped more than 100 points. The S&P 500 (SPX) shed 10 points, or 0.8%, and the Nasdaq Composite (COMP) lost 20 points, or 0.7%.

6Print Gap (GPS, Fortune 500) shares tumbled 17.5% while Aeropostale (ARO)'s stock fell 14% after both companies lowered their full-year guidance, citing weaker demand and higher commodity costs. Gap shares were the worst performer on the S&P 500.

Other retailers followed suit, with shares of Macy's (M, Fortune 500), Urban Outfitters (URBN) and Abercrombie & Fitch (ANF) all sliding more than 2%. Shares of Polo Ralph Lauren (RL, Fortune 500) and JC Penney (JCP, Fortune 500) fell more than 4%.

"When you see these retailers give numbers like this, you get concerned that the consumer is starting to give up some ground, with high oil prices and all," said Anthony Conroy, head trader at BNY ConvergEX.

Speaking of oil prices, crude rose 1.2% to settle at $100.10 a barrel. Prices have largely stayed around the $100 mark for the past few weeks.

Meanwhile, Greece's debt troubles returned to haunt investors after Fitch Ratings cut the debt-ridden country's credit rating by three notches. The downgrade pushed Greek bonds further into "highly speculative" junk territory.

Value stocks are back in vogue
The disappointing corporate news coupled with several lackluster economic reports have kept investors sidelined in recent days.

For the week, the Dow slipped 0.7%, the S&P 500 dipped 0.3% and the Nasdaq slid 0.9%. All three indexes are down more than 2% for the month of May.

Stocks ended slightly higher Thursday, after a very choppy trading session.

Companies: After debuting Thursday on the New York Stock Exchange, shares of LinkedIn (LNKD) remained more than double their IPO price -- making the business-oriented social network one of the biggest tech IPOs since Google (GOOG, Fortune 500). LinkedIn shares fell 1.2% during its second day as a publicly-traded company.

Shares of Barnes & Noble (BKS, Fortune 500) jumped 30% after the bookseller announced a buyout proposal by Liberty Media for $17 per share in cash -- a nearly $1 billion buyout offer.


0:00 / 1:03 Barnes & Noble fairy tale ending
World markets: European stocks moved Friday. Britain's FTSE 100 edged lower 0.1%, the DAX in Germany fell 1.2% and France's CAC 40 lost 0.2%.

Why Greece matters - StockTwits
Asian markets ended mixed. The Shanghai Composite shed less than 0.1% and Japan's Nikkei edged lower 0.1%, while the Hang Seng in Hong Kong rose 0.2%.

Currencies and commodities: The dollar bounced against the euro following the downgrade on Greece. But the greenback lost ground versus the British pound. It was slightly higher versus Japanese yen.

Gold futures for June delivery rose $16.50, or 1.1%, to settle at $1,508.90 an ounce.

Silver futures for July delivery gained 25 cents, or 0.7%, to settle at $35.18 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, with the yield slipping to 3.15% from 3.17% late Thursday.

First Published: May 20, 2011: 9:48 AM ET

Source: cnn.money.com

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