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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.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Markets rebound on optimism regarding tariff negotiations as furniture and furnishings stocks outperform.</li><li>The WTR Commercial/Contract Furniture index was up +3.1%, the Residential Manufacturers &amp; Suppliers index increased +4.1%, and the Home Goods Retailers index improved +5.4% for the week, beating both large caps +2.9% and the R2K +2.8%</li><li><p>Long suffering housing markets aren’t getting better anytime soon as increasing economic uncertainty bites (1). </p></li></ul>

Markets rebound on optimism regarding tariff negotiations as furniture and furnishings stocks outperform.The WTR Commercial/Contract Furniture index was up +3.1%, the Residential Manufacturers &amp; Suppliers index increased +4.1%, and the Home Goods Retailers index improved +5.4% for the week, beating both large caps +2.9% and the R2K +2.8%Long suffering housing markets aren’t getting better anytime soon as increasing economic uncertainty bites (1). 

Furniture/Furnishings Weekly: Housing Doldrums; Consumer Trepidation

<ul><li>Market retracement as policy volatility remains high.</li><li>The WTR Commercial/Contract Furniture Index was up 4.8%, the Residential Manufacturers &amp; Suppliers Index was up 4.9%, and the Home Goods Retailers Index improved by 9.7% as the broader indices surged higher.</li><li>Gen Z pushing for Return-to-Office (1). Over the past year, many firms have begun pushing harder for employees to return to the office in order to enhance corporate culture, improve learning and networking opportunities for employees, and enhance organizational agility and innovation.</li></ul>

Market retracement as policy volatility remains high.The WTR Commercial/Contract Furniture Index was up 4.8%, the Residential Manufacturers &amp; Suppliers Index was up 4.9%, and the Home Goods Retailers Index improved by 9.7% as the broader indices surged higher.Gen Z pushing for Return-to-Office (1). Over the past year, many firms have begun pushing harder for employees to return to the office in order to enhance corporate culture, improve learning and networking opportunities for employees, and enhance organizational agility and innovation.

Furniture/Furnishings Weekly: Gen Z Pushes RTO; Chinese Imports Drop

<ul><li>Policy/tariff volatility, stock and bond market volatility, falling consumer and business confidence, stagflation fears, higher interest rates, tariffs, inflation concerns, and worries that the US may already be in a recession have dominated the headlines over the past week.</li><li>The WTR Commercial/Contract Furniture Index was up 0.4%, the Residential Manufacturers &amp; Suppliers Index was up 2.9%, and the Home Goods Retailers Index was up 1.5% as the broader markets rebounded as well, with the S&amp;P 500 and Dow 30 gaining 5.9% and the R2K up 2.6%</li><li><p>The Atlanta Fed suggests that the US may be in recession already (Figure 1), at least according to its GDPNow model, which aims to provide something closer to a real-time read on the state of the economy (1).</p></li></ul>

Policy/tariff volatility, stock and bond market volatility, falling consumer and business confidence, stagflation fears, higher interest rates, tariffs, inflation concerns, and worries that the US may already be in a recession have dominated the headlines over the past week.The WTR Commercial/Contract Furniture Index was up 0.4%, the Residential Manufacturers &amp; Suppliers Index was up 2.9%, and the Home Goods Retailers Index was up 1.5% as the broader markets rebounded as well, with the S&amp;P 500 and Dow 30 gaining 5.9% and the R2K up 2.6%The Atlanta Fed suggests that the US may be in recession already (Figure 1), at least according to its GDPNow model, which aims to provide something closer to a real-time read on the state of the economy (1).

Furniture/Furnishings Weekly Recession Fears, Higher Rates, Tariffs...

<ul><li>Equity markets fell sharply on the administration’s new tariffs as the magnitude and scope exceeded the market’s expectations.</li><li>Furniture and furnishings stocks, an industry with significant import exposure, were particularly hard hit.</li><li>The WTR Commercial/Contract Furniture Index (-5.3%), the Residential Manufacturers &amp; Suppliers Index (-12.0%) and the Home Goods Retailers Index (-14.0%) were all down as the S&amp;P 500 and Dow 30 (-9.6%) and the R2K (-9.2%) were also hard hit by the news. </li></ul>

Equity markets fell sharply on the administration’s new tariffs as the magnitude and scope exceeded the market’s expectations.Furniture and furnishings stocks, an industry with significant import exposure, were particularly hard hit.The WTR Commercial/Contract Furniture Index (-5.3%), the Residential Manufacturers &amp; Suppliers Index (-12.0%) and the Home Goods Retailers Index (-14.0%) were all down as the S&amp;P 500 and Dow 30 (-9.6%) and the R2K (-9.2%) were also hard hit by the news. 

Furniture/Furnishings Weekly - Double, Double, Tariffs and Trouble

<ul><li>Tariff uncertainty, inflation, and deteriorating consumer confidence all are weighing on the market and furniture and furnishings stocks.</li><li>The WTR Commercial/Contract Furniture Index was up 1.6% during a week, while the Residential Manufacturers &amp; Suppliers Index (-0.4%), the Home Goods Retailers Index (-7.1%), and the broader markets (-3.2% to -4.3%) were all down.</li><li>AI-generated code is playing an increasingly important role in software engineering according to YC CEO Gary Tan (1).</li></ul>

Tariff uncertainty, inflation, and deteriorating consumer confidence all are weighing on the market and furniture and furnishings stocks.The WTR Commercial/Contract Furniture Index was up 1.6% during a week, while the Residential Manufacturers &amp; Suppliers Index (-0.4%), the Home Goods Retailers Index (-7.1%), and the broader markets (-3.2% to -4.3%) were all down.AI-generated code is playing an increasingly important role in software engineering according to YC CEO Gary Tan (1).

Furniture/Furnishings Weekly - GenAI and Knowledge Worker Productivity

United States

Ethan Allen Interiors Inc. designs, manufactures, sources, sells, and distributes a range of home furnishings and accessories. The Company offers a variety of products including case goods items, such as beds, dressers, tables, chairs, buffets, entertainment units, home office furniture, and wooden accents. Ethan Allen Interiors serves clients worldwide.

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Ethan Allen Interiors (ETD US)

Furniture/Furnishings Weekly: Housing Doldrums; Consumer Trepidation

The WTR Commercial/Contract Furniture index was up +3.1%, the Residential Manufacturers & Suppliers index increased +4.1%, and the Home Goods...

Water Tower Research

Furniture/Furnishings Weekly: Gen Z Pushes RTO; Chinese Imports Drop

The WTR Commercial/Contract Furniture Index was up 4.8%, the Residential Manufacturers & Suppliers Index was up 4.9%, and the Home Goods Retailers...

Water Tower Research

Furniture/Furnishings Weekly Recession Fears, Higher Rates, Tariffs...

Policy/tariff volatility, stock and bond market volatility, falling consumer and business confidence, stagflation fears, higher interest rates,...

Water Tower Research

Furniture/Furnishings Weekly - Double, Double, Tariffs and Trouble

Equity markets fell sharply on the administration’s new tariffs as the magnitude and scope exceeded the market’s expectations.

Water Tower Research

Furniture/Furnishings Weekly - GenAI and Knowledge Worker Productivity

Tariff uncertainty, inflation, and deteriorating consumer confidence all are weighing on the market and furniture and furnishings stocks.

Water Tower Research

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