What happened

Winnebago Industries (NYSE:WGO) shareholders edged past a surging market in November as their stock rose 13% compared to the 11% increase in the S&P 500, according to data provided by S&P Global Market Intelligence.

The rally pushed shares back into positive territory for the year, but the RV giant's stock is still trailing the market modestly in 2020.

An RV is parked near a lake.

Image source: Getty Images.

So what

Winnebago didn't release any earnings updates in the period following its strong fiscal fourth-quarter report in late October. As a result, the stock price moves mostly reflected changing investor attitudes around the COVID-19 vaccine developments and the prospect for a strong consumer economy in 2021.

Winnebago has seen surging demand since it restarted RV production following its early 2020 pandemic shutdowns. Yet its consumer discretionary business would be among the hardest hit if a recession grips the U.S. economy next year.

Now what

Winnebago's huge Q4 sales backlog suggests that any demand slowdown won't show up for at least several more months. Its fiscal first-quarter results, likely out in late December, will clarify that outlook. In the meantime, investors will get an update on industry dynamics when rival Thor Industries announces its earnings results on Dec. 8.

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