Home improvement stocks and retailers tied to home purchasing are racing higher after an unexpectedly strong report on U.S. existing home sales was released by the National Association of Realtors this morning. Housing demand was strong despite higher prices and lower inventory.
Home Depot (NYSE:HD) +1.70% to $130.40 vs. a 52-week trading range of $109.62 to $139.00.
Lowe's (NYSE:LOW) +2.52% to $71.15 vs. a 52-week trading range of $62.62 to $83.65.
Lumber Liquidators (NYSE:LL) +7.64% to $18.32 vs. a 52-week trading range of $10.01 to $20.10.
Tile Shop Holdings (NASDAQ:TTS) +1.03% to $3.91 vs. a 52-week trading range of $3.53 to $4.42.
Restoration Hardware (NYSE:RH) +4.88% to $36.72 vs. a 52-week trading range of $24.75 to $94.88.
Pier 1 Imports (NYSE:PIR) +2.57% to $6.00 vs. a 52-week trading range of $3.73 to $7.70.
Bed Bath & Beyond (NASDAQ:BBBY) +1.69% to $45.60 vs. a 52-week trading range of $38.60 to $55.62.
Haverty Furniture (NYSE:HVT) +1.87% to $21.75 vs. a 52-week trading range of $16.57 to $24.54.
Williams-Sonoma (NYSE:WSM) +1.96% to $54.62 vs. a 52-week trading range of $45.96 to $65.42.
Boise Cascade (NYSE:BCC) +3.95% to $22.35 vs. a 52-week trading range of $13.80 to $31.85.
Coty (COTY +0.3%) is heading to the S&P 500, replacing Diamond Offshore Drilling (DO -0.4%) in that index. Diamond Offshore is off 1.3% after hours, while COTY is up 0.4%.
Diamond Offshore will move to the S&P MidCap 400, replacing Polycom (NASDAQ:PLCM), which has been acquired by Siris Capital Group. The contract driller was ranked at the bottom of the 500 and now has a market cap more reflective of a mid-cap, S&P Dow Jones Indices says.
The moves are effective after the close on Friday.
Meanwhile, Tile Shop Holdings (TTS -0.3%) is replacing Epiq Systems (NASDAQ:EPIQ) in the SmallCap 600, as Omers Private Equity is acquiring Epiq in a deal expected to be completed soon.
There's some nervous trading on stocks associated with consumers spending money on their houses. Today's macroeconomic news and stock market decline are cutting into confidence over consumer spending patterns.
Pier 1 Imports (PIR -7.9%), Mattress Firm (MFRM -3.1%), Tile Shop (TTS -2.9%), Lumber Liquidators (LL -5.8%), Restoration Hardware (RH -3.6%), Bed Bath & Beyond (BBBY -2.5%), La-Z-Boy (LZB -3%), Kirkland's (KIRK -2.3%), and Williams-Sonoma (WSM -2.5%) are all lower than broad market averages.
Lowe's (LOW -1.5%) and Home Depot (HD -1.2%) are showing a milder loss.