Diamonds and Dogs
Wayfair (W) sees light at the end of the tunnel. The online home goods seller is jumping 20% following earnings. Wayfair easily beat estimates, reporting a profit even as revenues fell 3.4% to $3.17 billion. Looking forward, the company saw a return to year-over-year growth in orders with home goods spending starting to turn a corner after a year of weak demand.
Utilities taking it on the chin. The Utility sector is down nearly 2% today and down 8% for the year not including the dividend. Dominion Energy (D) is down nearly 3% today ahead of earnings tomorrow. The utility company lowered its guidance at the end of June due to historically mild weather and unplanned outages. The stock is down 40% from the highs set last fall. Higher Interest rates have not been good to utilities.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.