Why Shares of Mohawk Are Soaring Today
Shares of Mohawk Industries (NYSE: MHK) were up 11.65% at 3:10 p.m. EDT on Tuesday despite mixed commentary from the analyst community. The stock is down 25% year to date, even after the jump, on fears that COVID-19 and an economic slowdown will eat into flooring demand. But investors -- at least on Tuesday -- appear more interested in an optimistic outlook than a pessimistic one.
It's been a rough year for Mohawk shareholders, with the shares losing half of their value in late February/early March on fears the pandemic would crimp construction and renovation work, thereby eating into demand for flooring products.
Image source: Getty Images.
Source Fool.com