Wall Street returned from the long Memorial Day Weekend in anything but a good mood, with the only group celebrating being the bears, who proceeded to have a field day, and did so from start to finish. On point, after some uneasiness in Europe to start the day (on continued edginess about the situation in Greece), as several of the bourses weakened in early trading, and concerns stateside following the release of a mixed reading on durable goods orders about an hour before trading began here, the stock market sold off at the open, as weaker oil and a stronger dollar brought back worries about corporate earnings.
The Hain Celestial Group, Inc. stock has steadily climbed for the last several years, advancing about 240% since the end of 2011. The large-cap issue’s stellar performance has been underpinned by the steep growth trajectory of the natural/organic food segment, which has been expanding at a much faster pace than its conventional packaged food counterpart.
The U.S. Department of Commerce issued new residential data for the month of April. All told, the report was very positive, with new home sales up nicely on both a sequential and year-over-year basis. Specifically, sales of new single-family houses in April came in at a seasonally adjusted annual rate of 517,000. That figure was 6.8% above the revised March figure and up a notable 26.1% from the prior-year figure of 410,000 units. The consensus expectation called for sales of roughly 510,000 new units.