HCN Stock Watch: STCK takes a dive
Stock Building Supply (STCK) took a tumble of 8.79% after releasing its earnings report Tuesday, which showed double-digit sales gains and a narrowing loss but fell short of expectations.
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Porch sets up shop in Lowe’s stores nationwide
Lowe’s and Porch have been busy since announcing their strategic partnership last January. Now, the companies are making the alliance known in all 1,700+ Lowe’s stores nationwide after first introducing the service in the Carolinas and Seattle areas.
That means Porch is the in-store resource at every Lowe’s store in the country, there to help homeowners link up with home improvement professionals for just about every project outside of Lowe’s current installation services.
"While we have already been able to help our customers with projects like installing flooring or remodeling a kitchen, our partnership with Porch means we can now guide customers to find help for nearly any home improvement service, from routine maintenance to dream projects," said Jay Rebello, VP new business development and corporate innovation at Lowe’s. "Homeowners trust Lowe’s products and project expertise, and now that relationship can extend to the search for home improvement pros by providing a highly personal, localized experience through Porch."
Employees will be trained to assist customers using their mobile devices or various in-store terminals.
Home improvement pros can also sign up for a free Porch profile to take advantage of the added exposure.
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Ferguson buys appliance dealer
Ferguson, the largest wholesale plumbing distributor in the U.S., acquired Factory Direct Appliances.
Factory Direct Appliance is a seven-location appliance dealer with five showrooms in Kansas City, Mo., and two outlying locations in Des Moines, Iowa, and Omaha, Neb.
The deal marks the second big acquisition of the year for Ferguson, which acquired Karl’s Appliance in February. Karl’s operates six showrooms in northern New Jersey.
“Similar to Ferguson, Factory Direct Appliance is known for its longstanding relationships with both its builder and retail customers,” said Frank Roach, Ferguson CEO. “We are excited about our new association with Factory Direct and look forward to serving our customers in Kansas City, Des Moines and Omaha.”
Factory Direct Appliance was originally founded in 1988 by Dennis and Suzanne Birkestrand, who previously spent 22 years with The Maytag Company. Joined later by partners Rod Holsapple and Steve Johnson, Factory Direct Appliance has been recognized as one of the fastest growing companies in the greater Kansas City area. The company will operate as “Factory Direct Appliance, a Ferguson enterprise.”
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