With the S&P 500 index up more than 25% over the past year and 6.5% so far in 2024, it’s time to look beyond the usual suspects and toward stocks that haven’t participated in the rally so far this year. Whirlpool (NYSE: WHR) and Owens Corning (NYSE: OC) match this description and I think they have the potential to do well through the year. Here’s why.
Why Whirlpool stock is a buy
As you can see below, the housing market (expressed here in terms of sales of existing homes) doesn’t like higher interest rates, and Whirlpool’s share price doesn’t like a declining housing market.
WHR Chart
As such, the uptick in interest rates (which push up mortgage rates) in 2024 on the back of hotter-than-anticipated inflation data is not good news for Whirlpool or, rather, sentiment over its stock.
During a recent presentation to investors, management outlined that a quarter of demand for appliances in the U.S. comes from discretionary demand guided by existing home sales, and a further 15% is from the…
2024-03-11 00:27:00
Article from finance.yahoo.com
