Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Thematic (Sector/Industry)

<ul><li>A relatively quiet week on the policy front as the markets (seemingly) continue to grapple with elevated uncertainty and work through the implications for the economy.</li><li>The WTR Commercial/Contract Furniture Index (-2.2%), Residential Manufacturers &amp; Suppliers Index (-1.3%), and Home Goods Retailers Index (-2.5%) trailed the broader market indexes.</li><li>Unsurprisingly, firms were front-running anticipated tariffs in early 2025</li></ul>

A relatively quiet week on the policy front as the markets (seemingly) continue to grapple with elevated uncertainty and work through the implications for the economy.The WTR Commercial/Contract Furniture Index (-2.2%), Residential Manufacturers &amp; Suppliers Index (-1.3%), and Home Goods Retailers Index (-2.5%) trailed the broader market indexes.Unsurprisingly, firms were front-running anticipated tariffs in early 2025

Furniture/Furnishings Weekly - Tariff Front-Running

<ul><li>Consumer discretionary stocks hard hit in recent market action (Figure 1) as economic and policy/tariff uncertainty continue.</li><li>The WTR Commercial/Contract Furniture Index (- 3.7%), Residential Manufacturers &amp; Suppliers Index (-1.2%), and Home Goods Retailers Index (-7.4%) all trailed the broader market indexes last week.</li><li>Consumer spending is trending down across all income levels as recession fears increase (1).</li></ul>

Consumer discretionary stocks hard hit in recent market action (Figure 1) as economic and policy/tariff uncertainty continue.The WTR Commercial/Contract Furniture Index (- 3.7%), Residential Manufacturers &amp; Suppliers Index (-1.2%), and Home Goods Retailers Index (-7.4%) all trailed the broader market indexes last week.Consumer spending is trending down across all income levels as recession fears increase (1).

Furniture/Furnishings Weekly - Consumer Spending Slowdown

<ul><li>Continued policy uncertainty, the federal budget, the Ukraine war, and tariffs were all front and center for the markets this past week.</li><li>The WTR Commercial/Contract Furniture Index declined 0.5% and the Home Goods Retailers Index fell 1.8%, while the Residential Manufacturers &amp; Suppliers Index gained 1.3%.</li><li>The large-cap indexes fell 0.5% and the R2K declined 0.7%.</li></ul>

Continued policy uncertainty, the federal budget, the Ukraine war, and tariffs were all front and center for the markets this past week.The WTR Commercial/Contract Furniture Index declined 0.5% and the Home Goods Retailers Index fell 1.8%, while the Residential Manufacturers &amp; Suppliers Index gained 1.3%.The large-cap indexes fell 0.5% and the R2K declined 0.7%.

Furniture/Furnishings Weekly - Tariffs; Uncertainty and Corp. Investment

<ul><li>A down week for furniture and furnishings stocks amid a broader small-cap pullback against a background of increased policy uncertainty.</li><li>The WTR Commercial/Contract Furniture Index declined 4%, the Residential Manufacturers &amp; Suppliers Index fell 2.3%, and the Home Goods Retailers Index fell 10.1%, while the broader market indexes declined 1.7% and the R2K fell 3.6%.</li><li>The administration’s plans to target Chinese shipbuilding could increase costs for importers.</li></ul>

A down week for furniture and furnishings stocks amid a broader small-cap pullback against a background of increased policy uncertainty.The WTR Commercial/Contract Furniture Index declined 4%, the Residential Manufacturers &amp; Suppliers Index fell 2.3%, and the Home Goods Retailers Index fell 10.1%, while the broader market indexes declined 1.7% and the R2K fell 3.6%.The administration’s plans to target Chinese shipbuilding could increase costs for importers.

Furniture/Furnishings Weekly - Chinese Shipbuilding Targeted; IKEA Update

<ul><li>Tariffs and policy uncertainty don’t seem to be weighing down stocks in the furniture and furnishings space at this point.</li><li>The WTR Commercial/Contract Furniture Index was up 3.2%, the Residential Manufacturers &amp; Suppliers Index gained 6.4%, and the Home Goods Retailers Index was up 1.2%, all better than the broader market indexes.</li><li>The US imposed across-the-board 25% tariffs on steel and aluminum.</li></ul>

Tariffs and policy uncertainty don’t seem to be weighing down stocks in the furniture and furnishings space at this point.The WTR Commercial/Contract Furniture Index was up 3.2%, the Residential Manufacturers &amp; Suppliers Index gained 6.4%, and the Home Goods Retailers Index was up 1.2%, all better than the broader market indexes.The US imposed across-the-board 25% tariffs on steel and aluminum.

Furniture/Furnishings Weekly - Steel and Aluminum Tariffs; Return-To-Work Enforcement, Realities

United States

Leggett & Platt, Incorporated manufactures a wide range of engineered products. The Company's products include components for bedding, furniture, and other residential furnishings, as well as office and institutional furnishings components, retail store fixtures, and displays, specialty wire products, and automotive seating suspension and lumbar systems.

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Leggett & Platt (LEG US)

Furniture/Furnishings Weekly - Tariff Front-Running

A relatively quiet week on the policy front as the markets (seemingly) continue to grapple with elevated uncertainty and work through the...

Water Tower Research

Furniture/Furnishings Weekly - Consumer Spending Slowdown

Consumer discretionary stocks hard hit in recent market action (Figure 1) as economic and policy/tariff uncertainty continue.

Water Tower Research

Furniture/Furnishings Weekly - Tariffs; Uncertainty and Corp. Investment

Continued policy uncertainty, the federal budget, the Ukraine war, and tariffs were all front and center for the markets this past week.

Water Tower Research

Furniture/Furnishings Weekly - Chinese Shipbuilding Targeted; IKEA Update

A down week for furniture and furnishings stocks amid a broader small-cap pullback against a background of increased policy uncertainty.

Water Tower Research

Furniture/Furnishings Weekly - Steel and Aluminum Tariffs; Return-To-Work Enforcement, Realities

Tariffs and policy uncertainty don’t seem to be weighing down stocks in the furniture and furnishings space at this point. The WTR...

Water Tower Research

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