The stock market closed mixed on Monday as Treasury yield went down from 5%. In addition, investors looked ahead to series of corporate earnings from tech companies to be released this week.
Overall, S&P 500 fell 0.2% to 4,217, while NASDAQ was up 0.3% to 13,018.
Tweet of the Day
Why would a billionaire bring a date to a furniture store?
Unless it's Restoration Hardware (RH).
This is the Disneyland of Furniture.
Here's how the $4 billion brand exploded👇
Back in 1979, Stephen Gordon has a problem.
Why can’t you buy good, affordable furniture?
He… pic.twitter.com/VqTjvhN51Y
— Chris Hladczuk (@chrishlad) October 22, 2023
Chart of the Day
Here is the one-year chart of RH (RH) as of September 27, 2023, when the stock was at $257.
RH, formerly known as Restoration Hardware, is a luxury furniture store with bathtubs, vanities, bed linens, rugs, wall decor, and even cabinet hardware.
RH continues to suffer as mortgage rates as 20-year highs are dampening the need for new furniture. The stock also really took a hit since last quarter, as it fell from around $400 to $250 a share, a level the stock’s been at 3x during the past 12 months. Last quarter, profit fell 51% while revenue declined 23%. However, management is optimistic about a coming inflection point in the first half of fiscal 2024 as RH refreshes its galleries over the next several quarter and issues another cycle of Source Books. RH will begin the mailing of the RH Contemporary Source in late October and then the RH Modern Source Book in early January as part of a two-contact strategy to reconcile consumers to the brand.
RH is part of the Growth Portfolio. This stock has is completely erratic and the slow economy is not helping matters.
