LOWE’S STOCKS PLUNGE AFTER EARNINGS DISAPPOINTMENT
Lowe’s stock is currently trading at 97.77-lower by 11.97% as compared to the previous closing price. In Pre-market trading on Wednesday, the stock was traded lower by 8.82%. The stock has continued falling after the opening bell.
The company reported its fiscal first-quarter results before the market open on Wednesday. The home improvement retailer generated adjusted EPS of $1.22 for the first quarter. The EPS was below the market expectation of $1.33. Lowe’s brought in $17.74 billion in revenue for the first quarter. The revenue was slightly above the consensus estimates of $17.66 billion.
The home improvement retailer’s same-store sales grew by 3.5% in the first quarter. Same-store sales were better than the median forecast of 3.2%. Lowe’s posted weaker-than-expected earnings due to higher costs. The company also cut its forecast for the year.
Stocks of the company have rallied more than 20% so far this year.
On the technical front, the RSI is currently at 30.01% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the lower band of the Bollinger Bands and is heading downwards.
TRADE SUGGESTION- LIMIT SELL AT 97.95 TAKE PROFIT AT 97.15 STOP LOSS AT 98.35