Market Overview

Restoration Hardware Retreats From Highs

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RH (NYSE: RH) shares are trading lower by $3.00 (4.3 percent) at $64.68 in Friday's session. There is no specific news to account for the decline.

Ryan Craver, a senior vice-president of the Lamour Group, expressed his opinion that the company may not be out of the woods yet on Thursday. Craver told Benzinga that the company's effort to drive growth by increasing store counts isn't sustainable.

He added, "once the comp increases from Waterworks and outlets wear off, I anticipate RH struggling to grow sales at the relatively strong margin they currently have."

See Also: What's Going On With Restoration Hardware?

After a flat open, RH found resistance just above Thursday's close ($67.68) at $67.75 and sharply reversed course. The wicked nearly $6.00 decline took the stock all the way to $61.83. That marked its lowest level since it bottomed on June 27 at $61.24.

It should be noted Thursday's close ($67.68) represents its highest close since its disastrous day on June 2, when it cratered from $57.25 to $42.54 after the Street wasn't pleased with its Q1 report.

Posted-In: Technicals Intraday Update Movers Trading Ideas

 

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