Diamonds and Dogs
Restoration Hardware (RH) one of the few stocks trading higher. The high-end home furnishings retailer is up 8% moving back toward the 52 week high after smashing third-quarter earnings. Earnings easily beat expectations by 46 cents as revenues rose 7.4% to $636.6 million. Comparable-brand revenue rose 4%, or 6.5% adjusted for inventory reduction efforts a year earlier. The company also raised its fourth-quarter earnings target to $2.75-$2.90 a share from $2.33-$2.54 a share, and lifted its revenue expectations to between $680 million and $690 million, up from $665 million to $685 million. At least one upgrade at Telsey Advisory Group with a $160 price target.
Not a good day for the banks. The major banks are taking a hit today with Bank of America (BAC) down 5% and JP Morgan, Wells Fargo down and Citigroup down 4%. An inverted yield yesterday has investors spooked that economic growth is about to slow. BofA Merrill Lynch Global Research today issued an outlook for 2019 saying the bear market vibe is expected to continue, with asset prices finding their lows in the first half of the 2019. Morgan Stanley stated they prefer Emerging Markets while underweighting the US markets. Financial firm, Donaldson (DCI) is down 9% following earnings this morning.
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