Diamonds and Dogs
Wayfair (W) looks more than fair. The online home furnishings retailer is up 20% to a new all-time high following better than expected earnings. Wayfair reported revenue of $960.58 million, up 29% vs. a year earlier and beating the Wall Street consensus of $935.6 million. It reported an adjusted loss of earnings of 48 cents, beating the consensus estimate of a 58-cent loss. Active customers on its direct retail business rose 46% vs. a year earlier to 8.9 million.
Hertz Global (HTZ) stuck in reverse. The rental car company is down 11% to a new 52 week low following disappointing earnings. The company missed earnings by 77 cents a share while revenue missed as well. Revenues fell 3.4% year over year to $1.92 billion. Since being spun off to trade on its own last summer, the stock is down 71%. Not how this is supposed to work.