Motorhome makers in focus amid Harvey destruction
Makers of RVs and motorhomes rallied on Monday, as investors anticipated higher demand in the wake of Hurricane Harvey’s destruction.
Harvey has caused massive flooding and stranded thousands along the Texas Gulf Coast, including Houston, the nation’s fourth-largest city. The Category 4 storm put homes and businesses under water, and officials continued to make water rescues on Monday.
Winnebago Industries (NYSE:WGO) surged 5.5% in recent trading. Thor Industries (NYSE:THO), whose brand portfolio includes Thor, Airstream and Jayco, rose 4.9%. Investors also bought up shares of LCI Industries (NYSE:LCII) and Patrick Industries (NYSE:PATK).
CoreLogic said about half of Houston properties facing severe flooding may not be insured. The group estimated that 52% of flooded homes and businesses are outside of designated flood zones.