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(GLOBLE) – How bad is it out there? So bad Americans can't even afford to rent any more, or as Biden would put it: "the strongest economic recovery in recent history."
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In addition to the previously discussed implosion at Nike, whose stock is getting crushed by the bullwhip effect sending inventories soaring as U.S. consumers hit a recession brick wall, a middle-American staple is getting hammered even harder: yes, Rent-A-Center is down as much as 20% today, one of its biggest one-day drops on record, which has pushed the stock back to April 2020 levels.
What happened? Well, the floor fell out after the rent-to-own store chain operator’s adj. EPS forecast for the third quarter fell far short of analyst estimates, lowered Q3 guidance citing macroeconomic headwinds – which impacted retail traffic and customer payment behavior – and most ominously, the company didn’t reaffirm its 2022 guidance, prompting brokers to cut their targets on the stock.