We start the day with consumer spending. It was reported that US consumer spending was down overall in January, due in part to unseasonably bad weather in parts of the country keeping shoppers at home. Still, NASDAQ seemed undaunted, breaking over 5,000 for the first time ever.
TLSA Motors, which we most recently wrote about here is down again today, continuing its up-and-down trend of 2015. The electric motor company, owned by billonare cult-of-personality Elon Musk, is in decline after being blasted by Bank of America (BAC) analysts, who called for the stock to “underperform”.
Lumber Liquidators continued it’s free fall once trading on the stock was resumed, down 22% at the time of writing. A CBS “60-Minutes” report on the companies flooring found safety issues, and the steep decline followed the tests broadcast on the popular news program. The company has claimed the newscast used ‘improper’ tests on its flooring, but the public statement has done little to quell the made sell-off.
That’s all for the day.
Jack Aubrey, Normandy Research