Home channel stocks fall 2.13 percent
On a day that the Dow Jones Industrial Average dropped below the 10,000 mark for the first time in almost four years, the HCN Stock Index fell 2.13 percent to 820.85.
The HCN Index, composed of 20 major home channel companies, fell 2.13 percent Monday to 820.85. At midday, the index was down as much as 4.58 percent, but it rallied in the afternoon.
The Dow finished at 9,955.5, down 369.88 points or 3.58 percent.
Shares of Home Depot were down 99 cents, closing at $22.82. Lowe’s shares dropped 82 cents to $20.70. Meanwhile, five of the 20 stocks on the HCN Index finished the day higher: Sherwin Williams was up 2.65 percent, Masco was up 1.43 percent, Tractor Supply was up 2.52 percent, Beacon Roofing Supply was up 2.29 percent, and Builders FirstSource gained 4.39 percent.
Arthur Blank named chairman of Golf & Tennis Pro Shop
Home Depot co-founder Arthur Blank has been named chairman of the board for Golf & Tennis Pro Shop, owner and operator of PGA Tour Superstores. The move also marked Blank’s debut on the company’s board of directors.
Blank replaces Golf & Tennis Pro Shop founder Bill Hamlin, who is retiring, according to a statement from the company.
Blank is described as having been a “significant investor” in the company since 2006. He also serves as CEO of the Atlanta Falcons.
“I am honored to be leading the board of this exciting retail concept,” Blank said in a statement. “PGA Tour Superstore has real potential to further solidify its leadership position in the golf and tennis retail segments, by continuing to enhance its business model and through future store growth. I, along with our other board members, look forward to guiding the company in both these areas.”
The company was founded in 2004 and has since grown to 10 superstores nationwide.
Vermilion Hardware to close after almost 150 years
After nearly 150 years — 62 in the same family — Vermilion Hardware in Vermilion, Ohio, will be closing its doors before the end of the year, according to the Chronicle-Telegram newspaper.
The store, purchased by Henry and Edna Bailey in 1946, is now being run by their granddaughter, president Denise Fahrney, 34, as well as Fahrney’s father and sister. It is the oldest business in Vermilion.
Andy Grote, one of 10 store employees, said the store will probably close by mid-November.