Interface shares rallied 5.3% in the last trading session to close at $32.56, driven by notable volume and a favorable macroeconomic backdrop. The commercial flooring company benefited from easing oil price and inflation concerns tied to an interim United States-Iran peace agreement, as well as a decline in mortgage rates to 6.47% from 6.52% for the week ending June 18, per Freddie Mac, and the Federal Reserve's stable stance on keeping rates between 3.5% and 3.75%. Interface is expected to report quarterly earnings of $0.63 per share, a 5% year-over-year increase, on revenues of $390 million, up 3.9%. The stock carries a Zacks Rank of 2, or Buy, while peer Mohawk Industries finished 3.9% higher at $112.30 and holds a Zacks Rank of 4, or Sell.
Interface IncShares rallied on easing oil prices, lower mortgage rates, and Fed's stable stance, which are favorable macro conditions for the company.
Mohawk Industries Inc