The stock market slipped on Monday, as investors sold tech stocks. Overall, S&P 500 declined 0.5% to 4,329, while NASDAQ fell 1.2% to 13,336.
Tweet of the Day
Great news for the global economy 🚨
The global supply chain crisis of 2020-2022 is now over pic.twitter.com/S14zYKr2ig
— Science Is Strategic (@scienceisstrat1) June 25, 2023
Chart of the Day
Here is the ten-year chart of Pool Corp (POOL) as of June 7, 2023, when the stock was at $339.
Pool Corp is the world’s largest wholesale distributor of swimming pools and related outdoor living products, with 420 sales centers in North America, Europe, and Australia as of December 31, 2022. The company is the only national wholesale pool product distributor in the U.S. It is also one of the leading distributors of irrigation and landscape products in the U.S.
Pool Corp’s results continue to be weak when compared to strong results two years ago, as profits declined 39% last quarter. In addition, cold and rainy weather in the Western US hampered new pool construction last quarter.
Overall, last quarter’s revenue decreased by 15% compared to the same quarter in 2022, but were up a solid 33% in the year-ago period and a fantastic 57% during the same quarter two years ago (due to COVID). This still represent a 14% increase over 2021. Weather conditions were generally favorable in Southern markets, where Texas and Florida, our two largest markets in the South. Demand in Europe remains soft.
POOL is part of the Conservative Growth Portfolio. Analysts continue to lower profit estimates.
