David Nichols over at 21st Century is expecting a big drop, but they are waiting to see the whites of the MM's eyes first. They have an indicator they call the sentiment tank that is based on the VIX. Last week it got down to only 3-4% in the tank at one point. The market is running on fumes, and needs to pull back to refuel. It was back up to 9% Friday morning, but would have used up some of that during the day since the VIX was down again.
Here's a strange one on Friday though. Most of the RV stocks had big gains on 2-4 times normal volume. FLE 20.9%, COA 4.7%, MNC 8.8%, THO 8.1%, WGO 6.7%, and NVH 4.0%. Maybe it was because of this.
Thor 3rd-quarter sales up 12 pct, hit record
THURSDAY, MAY 01, 2003 4:40 PM
- Reuters U.S. Company News
NEW YORK, May 1 (Reuters) - Thor Industries Inc. (THO) , which makes recreation vehicles and mid-size buses, said on Thursday its revenue rose 12 percent, hitting a record in the latest quarter, on strong sales of recreational vehicles.
Jackson Center, Ohio-based Thor said sales in the fiscal third quarter hit a record of $411.9 million, up from $367.7 million last year.
Thor said its recreation vehicle retail registrations were up 9 percent, while sales rose 19 percent to $358.4 million from $300.7 million last year.
Bus sales slipped 20 percent to $53.5 million from $67.0 million last year.
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Of course FLE was up so much the NYSE wanted to know what the hell was going on. They can't give their mobile homes away, but RV sales looked good. Some fund most have thrown a bunch of money at the RV stocks. It's about the only way most RV stocks go up.
Fleetwood/NYSE Inquiry: Stk Up 20% Before
Mkt Close Fri.
Friday May 2, 4:27 pm ET
RIVERSIDE, Calif. (Dow Jones)--Fleetwood Enterprises Inc. said it isn't aware of what's
drove its stock up Friday, a day after it reported fourth- quarter sales fell 6% as
revenue in its housing segment dropped by nearly a third.
The maker of manufactured-housing
and recreational vehicles was
responding to a New York Stock
Exchange (News - Websites) inquiry
regarding trading in its stock, which
rose 20% eight minutes before the
market closed Friday.
Fleetwood Enterprises reported
Thursday fourth-quarter sales fell
6% to $569 million from $603 million
last year.
Sales in the housing unit fell 29% to
$158 million from $222 million last
year, with the manufactured division
down 30% and retail off 25%. The
company said the manufactured
housing group continues to face difficult industry conditions, and it doesn't expect a
meaningful recovery in the industry for at least a year.
Fourth-quarter recreational-vehicles group sales rose 8% to $402 million from $371
million a year ago, helped particularly by demand for higher-end products, despite the
war in Iraq and lower consumer confidence.
Fleetwood's NYSE-listed shares closed Friday up $1.07, or 20.9%, to $6.18, on
composite volume of 1.06 million shares, three times its average daily volume of
354,304 shares. The company's stock hit a 52-week high of $11.22 May 2, 2002,
compared with a 52-week low of $2.37 Aug. 12.
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