Home Depot Improves To New All-Time High After Q2 Beat, Raised Guidance

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Home Depot Inc HD shares were trading higher by $3.87 at $123.57 in Tuesday's session. The catalyst for the rally is raised full-year EPS guidance ($5.31 to $5.36 vs. $5.27 estimates) after the company announced a slight beat for Q2 EPS ($1.73 vs. $1.71) on slightly better revenues ($24.8 billion vs. $24.7 billion).

The rally in pre-market trading has spilled over into the regular session. After a higher open ($121.83 vs. Monday's close of $119.70), it retreated to $121.15 -- which is still above its former all-time high ($120.75) -- and resumed the rally.

So far, the issue has continued to make new highs on the session and reached $123.80 at the time this article was written. Thus far the issue has already exceeded it nine-day average trading range ($1.82), but does not appear to have found a top yet.

Today's price action is taking place on higher than average volume. With over four hours remaining, 4.8 million shares have changed hands compared to its 20-day average of 4.45 million.