US Home Remodeling Stocks Surge 10% Despite CEO Confusion

Shares of Fortune Brands Innovations (FBIN) closed at $44.65 on the NYSE on the 24th, up 9.84% from the previous trading day. In a single session, its market capitalization rose by about $580 million, pushing it back above $5.3 billion, while trading volume reached 2.18 million shares.

The surge appears driven by renewed expectations for corporate-governance improvements after activist investor Edward Garden reportedly bought roughly $13 million worth of FBIN shares on the open market. The company had previously faced investor criticism over weak first-quarter results, a downward revision to its full-year guidance, and an $18.4 million payout to a CEO candidate who never worked a day before the contract was terminated.

Headquartered in Deerfield, Illinois, Fortune Brands Innovations manufactures and sells plumbing and security products—such as faucets, showerheads, doors and locks—for the U.S. residential-remodeling market. With brands including Moen, Master Lock and Yale, the company is considered sensitive to shifts in North American housing conditions and remodeling demand.