LZB - Why La-Z-Boy E*Trade Financial and Cubic Slumped Today
Thursday was a relatively quiet day on Wall Street, as market participants seemed unwilling to guess the future direction of major market benchmarks. There's a lot of uncertainty right now, and until some issues like trade and Washington politics play themselves out a bit further, investors don't seem willing to make massive bets. Some companies also suffered from bad news that held their share prices down. La-Z-Boy (NYSE: LZB), E*Trade Financial (NASDAQ: ETFC), and Cubic (NYSE: CUB) were among the worst performers. Here's why they did so poorly.
Shares of La-Z-Boy finished lower by 15% after the furniture manufacturer reported its fiscal second-quarter financial results. The company said that revenue rose about 2% on a 5% rise in delivered same-store sales in its retail segment, but bottom-line gains of just 8% on an adjusted basis weren't enough to satisfy investors. CEO Kurt Darrow acknowledged the difficult environment that the home furnishings industry is going through, but he tried to be upbeat about the efforts La-Z-Boy has made to boost its margins. Nevertheless, shareholders were disappointed, and the company will have to work harder in the holiday season to pick up the pace.
Image source: La-Z-Boy.