Why Wayfair, Michaels, and ANGI Homeservices Were Popping Today
Shares of Wayfair (NYSE: W), Michaels (NASDAQ: MIK), and ANGI Homeservices (NASDAQ: ANGI) were all moving higher today, though there was no specific news out on any of these companies. Instead, a combination of a strong earnings report from Bed Bath and Beyond and hopes that another stimulus package would be passed seemed to lift the trio of stocks.
Bed Bath and Beyond, one of the biggest brick-and-mortar home goods retailers, reported positive comparable sales growth for the first time since 2016 and delivered a surprise profit as online sales jumped 89%. The news signaled that demand for home goods remained strong, boosting Wayfair, a direct competitor; ANGI Homeservices, a home-improvement online marketplace; and Michaels, another undervalued brick-and-mortar retailer.
As of 1:53 p.m., all three of these stocks were around up double digits. Wayfair had gained 10.8%, ANGI Homeservices was up 11.2%, and Michaels had gained 9.8%.
Source Fool.com
