Why Leggett & Platt Stock Jumped 32% in April
Shares of industrial Leggett & Platt (NYSE: LEG) rose by 32% in April according to data from S&P Global Market Intelligence. That, however, wasn't enough to make up for the year-to-date declines, leaving the stock down about 30% for the first four months of the year. It was really just caught up in the moment, as the stock market rallied off a low. In other words, don't get too excited.
Leggett & Platt is something of a unique company, making bedding products (bed springs, foam, bed components, and private label mattresses), auto seats, and furniture components, among other things. However, much of what it sells is economically sensitive, with recessions leading to notable declines in demand. So, earlier in the year, when investors were concerned that COVID-19 containment efforts would push the world into a recession, Leggett & Platt fell hard, along with the broader market.
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Source Fool.com
