I’m sure that Weber is glad it’s Saturday with their crazy week. They started off the week by reporting earnings and laying out their cost cutting measures, which includes cutting 10% of employees. On Tuesday their stock price dipped below $7, only to rocket above $11 on Thursday, while holding the distinction of being the most highly shorted stock. It ended up closing the week at $8.84 after being volatile all of Friday. We’ll see if it can go full meme stock next week.
Much like Weber, Solo Brands lowered their guidance for the year and acknowledged they’re figuring out what their business looks like in a post pandemic world. They also announced they’ll have new product innovations coming out this fall and they think they’re winning the battle against copycat products.
It’s probably a safe bet that Nexgrill is also experiencing sales slowdowns. They’re a private company, so we don’t know for sure, but we do know their parent company had extreme growth from 2018 – 2021. In their announcement that they qualified for a list of the fastest growing companies, they announced they had 87% sales growth through that time period.
Do you know where your pellets come from? According to an IU study you probably should. Through their testing they found extreme cases of pellets with as much as 20% impurities. This includes things like glass, plastic, glue, etc. Not stuff that you want slow cooking your brisket.
We ended the week with a new product that Traeger is developing. They are working on a temperature controlled food storage container. This smart container may even be able to store your frozen food, then heat it up when it’s time to eat it. It’s a cool idea, but we’ll see what it looks like if/when it officially launches.
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