This report outlines equity rating changes for DLTR, RH, and BBWI by Kate McShane and discusses the impact of high market correlation on consumer stock trading.
Key Takeaways
- 1.Kate McShane upgraded DLTR and RH to neutral from sell, while downgrading BBWI to sell.
- 2.Single name volatility in consumer stocks has increased, but trading volumes have declined as the market converges into 'one big trade' correlated with AI and semis.
Table of Contents
- Ratings Change Day – Quick Feedback
- Why the downgrade?
- Consumer Factor Refresh
- What is the Impact on Trading/Conversations?
- Exhibit 1: Momentum Volatility At 6 Year Highs but SPX Vol is Near the Lows
- Exhibit 2: Momentum (GSPRHIMO) is having its worst 5-day selloff Since Covid
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Authors
Scott FeilerKate McShane
Securities
DLTRRHBBWI
Themes
Consumer SentimentMarket Correlation
Regions
Asia PacificUnited States