Liquidity Services (LQDT), which auctions surplus and salvage assets, is declining after the company reported on its corporate website that its Commercial gross sales were $50M and its GovDeals gross sales were $9.9M for September, according to research firm Stifel Nicolaus. In a note to investors this morning, Stifel called the September results "decent," but added that the reported results make it unlikely that Liquidity Services' Q4 results will beat consensus forecasts. September results for two of Liquidity's other segment, Surplus and Scrap, have not yet been reported but that data is likely to be reported next week, Stifel noted. The firm believes that the potential downside to the company's Q4 report is limited and maintained a Buy rating on the shares. In mid-morning trading, Liquidity Services slid $3.74, or 7.99%, to $43.05.