Lowe's soars the most in 11 years after smashing earnings estimates

23 Août, 2019, 02:27 | Auteur: Auguste Feret
  • Earns Lowes

A year earlier it earned $1.52 billion, or $1.86 per share.

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While the encouraging earnings put investors in a buying mood Wednesday, Heckman noted that August and September are historically some of the weakest months of the year for stocks, so investors should expect more market volatility, particularly if the USA and China don't strike a trade deal. A 10% tariff on an additional $300 billion worth of Chinese goods is pending, and if it's enacted, USA tariffs would hit basically everything China ships to the United States. Both numbers beat consensus analyst estimates of $2.01 in EPS and $20.94 billion in revenue. -Chinese tariff war will weigh on global economic growth. A pending 10% tariff on another $300 billion in goods would hit everything from toys to clothing and shoes that China ships to the United States, however some 60% of the new tariffs wouldn't go into effect until mid-December, and others were taken off the table altogether. The Nasdaq added 1%. "The consumer still appears to be spending and doing well".

While the encouraging earnings put investors in a buying mood, Heckman noted that August and September are historically some of the weakest months of the year for stocks, so investors should expect more market volatility, particularly if the US and China don't strike a trade deal.

Home Depot, Lowe's biggest competitor, said its sales growth slumped in the second quarter as lumber prices continued to fall.

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The home improvement retailer reported net earnings of $1.7 billion and diluted earnings per share of $2.14 for the quarter ended August 2, 2019, compared to net earnings of $1.5 billion and diluted earnings per share of $1.86 in the second quarter of 2018.

The company did have $14 million in pre-tax operating losses from the wind-down of its Mexico retail operations, but excluding the losses said it saw an adjusted diluted EPS increase of 3.9 percent to $2.15; up from the adjusted diluted EPS of $2.07 reported past year during the same time period. Home Depot added 1.6%. However, Lowe's surpassed Home Depot in the US market, growing same-store sales by 3.2% compared to 3.1% for Home Depot.

Hovnanian Enterprises led the pack, vaulting 12.4%. And comparable store sales rose 3.1%.

Among individual stocks, shares of Toll Brothers Inc slipped 4.5% after the luxury homebuilder posted a decline in orders, hinting at weaker demand for new homes. "Jackson Hole is going to be (Powell's) first chance to really talk since the latest tariff announcement".

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