Why Wayfair Was a Dog of a Stock Today
Clearly "borrowing" an idea from a larger peer, online furniture and home goods retailer Wayfair (NYSE: W) announced a new, proprietary shopping holiday Thursday morning. The market didn't celebrate the news, though, with investors responding by trading the company's stock down by over 3% on an otherwise very frothy day for the market.
The upcoming Way Day will kick off on Wednesday, Oct. 26. Somewhat at odds with its name, the event will last for two days, during which customers can hop on discounts of up to 80% on Wayfair's merchandise. The company said it would offer "unbeatable deals" on its specialty retail brands, which include AllModern and Birch Lane.
This is the second Way Day in the online retailer's history. The first occurred at the end of April and was similar to the upcoming one in terms of merchandise on offer and discount levels promised.
Source Fool.com
