Diamonds and Dogs
5/9/23
Trex (TREX) jumps on earnings. The manufacturer of wood-alternative decking is u p9%, having its best day in six months, after beating earnings and revenue numbers while also providing strong guidance. The housing market hasn't had an easy year as mortgage rates remain elevated and home supply stays low. However, Trex could benefit from people choosing not to buy a new home and instead decide to remodel their current residence. UBS analyst John Lovallo increased his 12-month price target on Trex to $59 from $56 a share.
PayPal (PYPL) having a bad day following earnings. The payment-processing business stock reported better than expected earnings, but margins are coming under pressure as the company rolls out new platforms ahead of a possible recession. The financial sector in general remains under pressure.
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