Furniture stock index falls 17.6% in aftermath of attacks
By Janice Chamberlain -- Furniture Today, September 23, 2001
HIGH POINT — Plunging prices buffeted U.S. stock markets as they reopened Sept. 17, six days after the terrorist attacks in New York and Washington.
In the first four trading days after the markets reopened, the Furniture/Today Stocks Index fell to 322.36 at the close of trading Sept. 20, off 17.6% from Monday, Sept. 10, the last day the markets were open prior to the attacks.
In comparison, since the market reopened Monday, the DJIA dropped 12.8% to land at 8376.49 and the Nasdaq tumbled 14.7% to 1053.16.
Compared with last year at this time, the F/T Index was up 5.15 points or 1.6%. The index includes the stocks of 24 companies whose main business is residential furniture.
In comparison, the Dow was off 2389.03 points, or 22.2%, and the Nasdaq has nosedived to 1053.16, down 49.7% since September 2000.
Among furniture stocks, Culp and Guilford Mills took the biggest hits last week. Culp fell 36.9% to close at $2.43 last Thursday and Guilford Mills was down 36.5% to close at 73 cents, both compared with Sept. 10. By Thursday's close, only 12 of the 48 companies on F/T's stock list had dropped to new 52-week lows, most by narrow margins.
Bucking the downward trend were RTO Enterprises, up 20% and CFC International, up 12.7%. Aaron Rents (Class A) also showed a gain of 1% over Sept. 10. Holding their own were Haverty Furniture (Class A), Decorize and Jennifer Convertibles, all of which finished even with Sept. 10.
This week's stock page, at right, is based on the four days of trading, Sept. 17 through 20, since the markets reopened.
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Sep 16, 2001
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