Below is our Chart of the Day and an excerpt from this morning's Early Look. It was written by our U.S. macro analyst Christian Drake.
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Real estate service company Realogy (RLGY), which has been on our Best Idea list as a Long the last couple quarters, is a proxy play on resurgent high end consumption as its largest, NRT segment is levered to dollar volume (sales + price) transactions at the middle and top price tiers in generally affluent markets. Indeed, RLGY raised guidance and beat both top and bottom line estimates for 2Q yesterday with the 12% gain in NRT leading the upside. |
