by HIGH POINT — For months home furnishings stores and e-tailers have been bucking the broad retailer trend, posting strong business recoveries as restaurants, clothing stores and other less home-oriented companies suffered.
But on Monday, the tables were turned a bit in the stock market, as home furnishings-related businesses were largely left out of a rally tied to news about the more than 90% efficacy rate of Pfizer’s COVID-19 vaccine.
For a day, at least, the stay-at-home winners were left behind as the market neared new highs. Some furniture stocks took a beating as did other “stay at home” winners, such as Peloton and Etsy. The latter plunged double digits while the Dow Jones Industrial Average tacked on 835 points, up nearly 3% to 29,158. Even Amazon managed to end the day off by more than 5%.
In the home furnishings realm, the e-commerce giants suffered the worst of it. Wayfair was off 21.9%, closing at $235.33, and Overstock.com was down 20% to $53.84. As industry analyst Jerry Epperson told Home News Now, “Most of our home-related stocks have already had strong stock performance,” so it wasn’t really a surprise. This includes the large-cap home companies, which enjoyed, huge runups in their stock prices during the pandemic.
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That said, others in negative territory Monday included:
At Home down, 18.9% to $13.52
Big Lots, down 12% to $44.96
Tempur Sealy International, down 10.3% to $87.40
Williams-Sonoma, the parent of West Elm and Pottery Barn: down 10% to $89.82
Casper Sleep, down 6.4% to $6.84
Lovesac, down 6.1% to $23.75
RH, off 4.4% to $371.54
Bassett Furniture, down 4.0% to $14.57
Flexsteel, off 3.9% to $30.12
Havertys, down 2.8% to $25.68
La-Z-Boy, down 2.7% to $35.09
And some winners:
Berkshire Hathaway (owner of Nebraska Furniture Mart, R.C. Willey, Star Furniture and Jordan’s Furniture saw its A-shares climb 5.8% to $332,035.
Macy’s did better than the Dow, too, up 17.2% to $7.70.
And TJX Cos.’ shares jumped 13% to $60.93.
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