A few companies in our coverage list are providing updates this week, with Halfords (LON: HFD) and Pets at Home (LON: PETS) making it onto our list of stocks to watch.
Meanwhile, our concerns regarding the housing market mean we have our eyes on Rightmove (RMV) once again.
- Halfords is set to report FY23 interim results on Wednesday, November 23.
- The company’s shares are down 41% in 2022, although they have climbed 29.55% in the last three months.
- Despite the macroeconomic uncertainty, we see demand for Halfords products and services remaining resilient.
Pets at Home (PETS)
- Pets at Home will also post its interim results on Wednesday, November 23.
- Again, like Halfords, PETS shares have had a tough year, declining 36%, although the recent rise has been less impressive, with a 3% rise in the last month.
- Pet ownership during the pandemic boomed, leading to PETS reporting a growth in new customer acquisition in Q1, and although web traffic has dipped since February, it is still around November 2020 levels.
- While the new customer acquisition growth may slow, given the market, spending is expected to remain resilient despite the macroeconomic downturn.
- Given the recent rise in stocks, our view on Rightmove became more neutral.
- However, the slight wobble last week has brought it back into the spotlight for us, and we resume our bearish view on the stock.
- While browsing sites such as Rightmove and Zoopla, we noticed that houses we enquired about earlier in the year that were set to be sold are now being re-listed.
- Given the recent inflation data and updates from housebuilders, we see further pressure building on the UK housing market and housing-related stocks such as Rightmove.