HOME DEPOT BEATS Q1 EARNINGS EXPECTATIONS, STOCK RISES
Home Depot is currently trading at 192.07-higher by 0.59% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 1.54%. The stock has pared all of its earlier losses and turned positive after the opening bell.
The company reported its fiscal first-quarter results before the market open on Tuesday. Home Depot posted better-than-expected earnings as shoppers spent more in its stores despite a damp start to the spring in much of the U.S.
The company generated EPS of $2.27 for the first quarter. The EPS was above the market expectation of $2.18. Home Depot brought in $26.381 billion in revenue for the quarter ended May 5. The revenue was slightly above the consensus estimates of $26.378 billion.
Same-store sales grew 2.5% on a global basis in the first quarter. Same-store sales, however, missed the median forecast of a 4.2% rise. Stocks of Home Depot rallied 11% so far this year.
On the technical front, the current price is below the MA5. The current price is below the middle line of the Bollinger Bands but is heading upwards. The RSI is currently at 38.74% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 191.85 TAKE PROFIT AT 192.85 STOP LOSS AT 191.35