TTS - Why Tile Shop Stock Rose 12% Thursday
After spending much of the day up a fairly decent amount, shares of Tile Shop Holdings (NASDAQ: TTS) surged in the last hour of trading, to finish 12.5% higher on Thursday.
Tile Shop's stock price didn't jump on any particularly compelling afternoon news. The company didn't issue any press releases or Securities and Exchange Commission filings; no big economic data or competitor earnings reports got investors fired up. It was just a random day that saw its stock price surge by double digits in the last hour of trading.
Maybe one piece of news -- Wednesday's lowering of interest rates as the Fed takes steps to stave off a potential recession -- could have some investors hopeful the company's prospects are a little better now. But frankly, even that's a bit of a reach, considering the rest of the market didn't move sharply higher today.