Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of mattress seller Mattress Firm Holding (NAS: MFRM) were bouncing higher today, rising as much as 12% in intraday trading.
So what: Today, a rising tide in industry data is lifting all of the mattress-stock boats. In addition to Mattress Firm's pop, Select Comfort (NAS: SCSS) gained more than 5%, Tempur-Pedic (NYS: TPX) tacked on 4%, and Sealy (NYS: ZZ) was up roughly 5%.
The good news? The International Sleep Products Association said that the number of mattresses shipped posted a year-over-year 6.6% increase in April. Thanks to rising prices, the total dollar value of those shipments increased 17%. No wonder investors are excited!
Now what: It sounds like mattress companies had a pretty nice tailwind behind them in April -- which must've been refreshing after a 4.9% decrease in mattress shipments in March. However, investors will have to wait a bit longer to find out whether Mattress Firm was able to make the most of this tailwind. The company's first fiscal quarter ended at the beginning of May, and it plans to report earnings on June 5.
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