Top 5 Trending Stocks on Friday

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1. RH (NYSE:RH)

Number of Hedge Fund Holders: 59

RH (NYSE:RH) came into the limelight today following its fiscal second-quarter results. The home-furnishings company reported adjusted earnings of $8.08 per share, up from $7.09 per share in the corresponding period of 2021.

In addition, RH (NYSE:RH) posted revenue of $992 million, compared to $989 million in the year-ago period. The results were better than analysts’ average estimate of $6.71 per share for earnings and $969 million for revenue.

On the downside, RH (NYSE:RH) lowered its sales guidance for the full year, citing weakness in the housing market. The company now expects its sales to drop in the range of 3.5 – 5.5, versus its earlier projection calling for a drop of 2 – 5 percent.

Discussing the outlook, RH (NYSE:RH) said in a statement:

“As noted in our updated Outlook provided on June 29, 2022, our expectation is for continued softening in our business trends during the remainder of fiscal 2022 as a result of ongoing weakness in the housing market over the next several quarters and possibly longer due to the Federal Reserve’s anticipated interest rate increases and the cycling of record COVID-driven sales levels in 2021.”

You can also take a peek at Best and Reliable High Dividend REITs to Buy Now and 10 Best Cyclical Stocks for Inflation.

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