Today in the stock market, investors searched for value in beaten down names. Notably, Ross Stores (ROST) jumped 4% on the day to push past $100. Ross hit an All-Time high of $134 last May, but the stock was down due to higher wages as well has high freight costs. But now, shipping costs seem to be simmering down, and that could be a catalyst for the stock.
Other beaten-down retailers that showed strength include Five Below (FIVE) and RH (RH).
Homebuilding Stocks Bounce Back
Also showing strength on the day were some select homebuilder associated stocks. With mortgage rates soaring from below 3% late last year to more than 5% this year, demand for new homes has simmered down. But inflation may be peaking, as lower freight costs would help reduce the costs of building a home.
The nation’s #1 homebuilder DR Horton (DHI) was up 2% to $72 today. Flooring retailer Floor & Decor (FND) was up 2% to $83.
Chart of the Day
Our chart of the day today is of cybersecurity stock SentinelOne (S). This is a one-year chart from March 30th when the shares were $39. Today, S closed at $34 a share, and with no profits its easy to see why the shares continue to decline.
Last qtr, the company delivered revenue of $66 million versus $30 million in the year-ago period. But net losses also jumped, to $71 million from $38 million a year ago. So revenue is doubling, but losses are doubling too. Also, note that losses were greater than total revenue.
