What's Going On With Lowe's Shares Tuesday

Lowe’s Companies, Inc. LOW stock initially traded lower in sympathy with Home Depot, Inc. HD, which reported a revenue miss for the second quarter and issued adjusted EPS outlook below estimates. Both stocks have since reversed.

The Details: For the 2024 fiscal year second quarter, Home Depot reported sales of $43.17 billion missing analysts estimate of $43.37 billion. In addition, the company reported adjusted EPS of $4.67 beating analysts estimate of $4.50.

The company issued adjusted EPS guidance of $14.66 to $14.96 versus analysts estimate of $15.14. Home Depot raised its 2024 fiscal year sales guidance from $154.20 billion to between $156.49 billion and $158.01 billion versus analysts estimate of $158.88 billion.

Also, the company reported adjusted operating income of $6.6 billion, an adjusted operating margin of 15.3% and net earnings of $4.6 billion. Home Depot’s comparable sales for the second quarter of fiscal year 2024 decreased 3.3%.

What Else: Lowe’s is expected to report 2024 fiscal year second quarter earnings on August 20. Analysts estimate EPS of $3.99 and revenue of $24.01 billion.

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LOW Price Action: Lowe’s stock at the time of writing is trading 1.82% higher at $235.29, according to data from Benzinga Pro.

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