HCN Index surges Monday
On a day of the Dow’s biggest bounce back ever — up 936 points — the HCN Stock Index surged 6.36 percent.
Friday’s historic surge brought the HCN index, a basket of 20 home channel companies weighted by market cap, to 775.53. The increase made up for the dramatic losses of Wednesday, Thursday and Friday, but the index was still down from the 820.85 level at the beginning of last week.
Home Depot and Lowe’s led the charge, up 9.92 percent and 11.73 percent, respectively. Of the 20 companies on the HCN index, only three declined during Monday’s bullish run: Sears Holdings, down 4.3 percent; BlueLinx, down 1.67 percent; and Huttig, down 5.74 percent.
Lumber Liquidators to sponsor Pro Bowlers
Hardwood flooring retailer Lumber Liquidators signed a “multi-million dollar” sponsorship deal with the Professional Bowlers Association, according to the Puget Sound (Washington) Business Journal.
Lumber Liquidators plans to sponsor six bowlers as part of the deal, including Patrick Allen, Tommy Jones, Rhino Page, Parker Bohn III, Michael Fagan and Brian Kretzer.
The company will also place its name on the Bowlers Association logo. The Lumber Liquidator sponsorship replaces the association’s former sponsor, Denny’s.
Lumber Liquidators currently has a heavy presence on the association’s Web site, and plans are in the works for other sponsored events and tours, such as the Lumber Liquidators PBA Tour 2008-09; the Baltimore Lumber Liquidators Shark Championship; and the North Brunswick, N.J. Lumber Liquidators U.S. Open.
Based in Toano, Va., Lumber Liquidators has more than 135 stores in the United States.
115-year-old hardware store to close
Puopolo Hardware, which has been operating as a hardware business in Weston, Conn., since 1893, is expecting to close its doors in the next month.
Store owner Paul Puopolo, the fourth owner of the business, announced in April that he was planning to retire and would close the store within about six months. Puopolo said the community is devastated by the loss of this long-standing business.
“People are struggling with the idea of losing a legacy business like this one,” Puopolo said, pointing to brands like Cabot, Purdy and many others. “There was a very broad and deep inventory of branded products that the community came to anticipate would be readily available here. They’re going to miss that.”