Diamonds and Dogs

8/3/23

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.