Office furniture makers gain as Herman Miller reports work-from-home boost

MillerKnoll

17/09/2020 20:14

** Shares of office furniture makers jump on Thursday after
Herman Miller  MLHR.O  reports surprise rise in earnings due to
demand boom from people working from home   
    ** MLHR shares set for best day ever, rising 31.3% to $34
after beating Q1 sales and profit estimates, boosted by
four-fold jump in orders for home office furniture  urn:newsml:reuters.com:*:nL4N2GD3SJ
    ** Stock also set for its sixth consecutive session of gains
and is trading above its 200-day mov. avg price for first time
since end of last year; MLHR also joined expanding list of cos
reinstating dividends  urn:newsml:reuters.com:*:nL1N2GE1CG
    ** Peers Steelcase Inc  SCS.N  and Knoll Inc  KNL.N  up
11.8% and 16.6%, respectively    
    ** Pitney Bowes Inc PBI.N , Kimball International  KBAL.O 
and HNI Corp  HNI.N  up between 0.5% and 7%; office supplies
maker ACCO Brands up 2.8%  
    ** Up to Thursday's gains, MLHR has cut its YTD losses to
17.5% 

 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; within U.S.+1 646 223
8780; Twitter: https://twitter.com/sampath_uday ;))