Why RH Stock Surged 20% Friday Morning
RH (NYSE: RH) -- formerly known as Restoration Hardware -- is thriving even as the housing market stumbles. That's the gist of why investors poured into the stock today. It wasn't the luxury retailer's third-quarter results that had its stock soaring as much as about 20% Friday morning, though.
Its comments about the current quarter and future outlook have investors piling into RH shares. While the stock pared some of Friday morning's gains, it remained higher by 14.1% as of 10:38 a.m. ET. That has now given RH shareholders a 50% return in 2024.
The first comment the company provided in its shareholder letter touted the fact that the business saw demand increase by 13% despite what it called "the worst housing market in 30 years."
Source Fool.com
