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MarketWatch MarketPulseJul 09, 2020
Mohawk Industries' stock dives, as analyst says lawsuit could an 'overhang' for months
Shares of Mohawk Industries Inc. plunged 19.1% in midday trading Thursday, amid concerns over a lawsuit against the commercial flooring products company regarding alleged financial misconduct. The stock has taken a 28.4% dive over the past three days, as details of the lawsuit have become more known. J.P. Morgan analyst Michael Rehaut said the details of the class action complaint, as provided in a filing dated June 29 by the Public Employees' Retirement System of Mississippi, included channel stuffing at the end of the quarter and intentionally overproducing product in order to expand operating efficiencies and benefit margins. "While the veracity of these accusations will likely not be determined until after an extended legal process, which may take the next several months if not longer, we believe that until this matter has been concluded, this lawsuit will likely remain an overhang on the stock...," Rehaut wrote in a note to clients. "Additionally, we believe a higher level of risk now exists for the company due to this lawsuit, given its fairly granular level of detail across the allegations, combined with quotes from interviews with several former employees (including a distribution center manager and a former member of the executive team)." The stock has tumbled 45.8% year to date, while the S&P 500 has lost 2.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseJul 09, 2020
Chipmaker ETFs push higher Thursday, on track for best week since early June
Semiconductor exchange-traded funds outperformed the broader market Thursday as investors continued to bet on more upside for technology companies. The iShares PHLX Semiconductor ETF was 1% higher in the early afternoon, the SPDR S&P Semiconductor ETF rose 0.9%, and the VanEck Vectors Semiconductor ETF jumped 1.3%. All were on track for their best week in five weeks. Most of those funds have a sizable portfolio holding of NVIDIA Corp. , which was up 2.2% in the early afternoon, and which on Wednesday overtook Intel Corp. to become the largest chipmaker, by market cap. Intel shares were about 0.2% lower Thursday afternoon, while the broader Nasdaq Composite Index was 0.2% higher. In the year today, Nvidia has gained 78%, and the iShares ETF, the largest in the space, is up 12%, compared to a 17% gain for the Nasdaq, and losses for other benchmark indexes.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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