Lowe`s Companies will report earnings before the market opens on Wednesday 20, and the consensus EPS forecast for the quarter is $1,35. That`s much better than last years $1,04 at the same time.
EPS at $1,35 will be a jump of +29,8 percent YoY, and revenue is estimated to be $17,69 billion. Lowe`s are joining Trump`s economic boom in the market and have so far jumped 25 percent in 2019. I think they can feel the boost of the Fed`s interest rate cuts.
Builders started construction on new homes at a pace of 1,314 million in October, the Commerce Department reproted Tuesday. Housing starts were up 3,8 percent from revised 1,266 million in
September and 8,5 percent higher than the same month last year.
Building permits for privately-owning housing units were authorized at a seasonally-adjusted rate of 1,461 million, and that was 5 percent above the revised pace of 1,391 million set in September, and 14 percent above last year`s rate.
This was the fastest rate of building-permit authorizations recorded since 2007. Permits for new-home construction hits post-recession record high in October.
Home Depot dropped yesterday after the company cut full-year sales growth guidance. They reported $2,53 in EPS. Wall Street predicted $2,52, but the results are looking fine. Comparable store sales growth in 2019 will be 3,5 percent compared with pror guidance of 4 pecent, the management of Home Depot said.
Lowe`s dropped 1,42 percent yesterday while Home Depot dropped 5,46 percent. Lowe was dragged down by Home Depot. Will Lowe turn that around on Wednesday? Lowe`s has a call scheduled for 9 a.m ET on Wednesday.