Lowe’s Companies | $LOW Stock | Shares Plummet Despite Q3 Profit

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Lowe’s Companies (NYSE: LOW)

On Tuesday before the market opened, shares of Lowe’s ($LOW) took a dive following news that COO Rick Damron will retire in February despite posting profits. The company said that Richard Maltsbarger, current chief development officer, will take his place.

$LOW posted adjusted third quarter earnings per share of $1.05 on $16.77 billion in sales while analysts were looking for earnings of $1.02 on $16.59 billion in sales. They also bought back $500 million worth of stock in the third quarter.

Lowe’s Technicals

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Shares of $LOW initially jumped following their earnings release but once investors found out about Rick Damron retiring they quickly turned around. Shares hit a premarket high of $84 before reversing and are currently trading at the $79 area.

Shares closed Monday at $81.46, making this about a 3% drop in value. $79 has been an important pivot in the past so we should see that continue today. However, if we drop below it we are looking at $78.20 the next level of support which is where the 200-day moving average is currently sitting.

If shares get a bounce back then we are looking at $80, $80.38 and $81 as resistance. Shares will be volatile today with plenty of volume and opportunity to trade so keep this one on your radar!

CEO Comments

“During the third quarter, we drove traffic in-store and online with compelling messaging and integrated customer experiences. We continue to invest in omni-channel capabilities to enhance value for customers and shareholders,” commented Robert A. Niblock, Lowe’s chairman, president and CEO. “I am also pleased with the progress we’ve made to enhance our product and service offering for the Pro customer, delivering another quarter of comparable sales above the company average.” 

Company Profile

Lowe’s Companies, Inc. operates as a home improvement company in the United States, Canada, and Mexico. It offers a line of products for maintenance, repair, remodeling, and decorating.

The company provides home improvement products in various categories, such as lumber and building materials, tools and hardware, appliances, fashion fixtures, rough plumbing and electrical, seasonal living, lawn and garden, paint, millwork, flooring, kitchens, outdoor power equipment, and home fashions.

It also offers installation services through independent contractors in various product categories; extended protection plans; and in-warranty and out-of-warranty repair services.

The company sells its national brand-name merchandise and private branded products to homeowners, renters, and professional customers; and retail customers comprising individual homeowners and renters.

As of March 24, 2017, it operated 2,365 home improvement and hardware stores. The company also sells its products through online sites comprising Lowes.com and Lowesforpros.com; and through mobile applications. Lowe’s Companies, Inc. was founded in 1946 and is headquartered in Mooresville, North Carolina. –YahooFinance

 

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