HOME DEPOT BEATS Q2 EARNINGS EXPECTATIONS, STOCK RISES
Home Depot is currently trading at 217.35-higher by 4.53% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 2.51%. The stock has continued gaining after the opening bell.
The company reported its fiscal second-quarter results before the market open on Tuesday. The home improvement retailer’s quarterly sales were below the market expectation. Home Depot cut its sales outlook for the year amid fears that the trade dispute will slow consumer spending.
The company generated adjusted EPS of $3.17 for the second quarter. The EPS was above the market expectation of $3.08. Home Depot brought in $30.84 billion in revenue for the second quarter. The revenue was below the consensus estimates of $30.99 billion.
Same-store sales grew 3% on a global basis in the second quarter. Same-store sales, however, missed the median forecast of a 3.5% rise. Stocks of Home Depot rallied more than 21% so far this year.
On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 60.54% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 217.10 TAKE PROFIT AT 218.70 STOP LOSS AT 216.30