Lowes Cos Inc (LOW)

Lowe's Cos., Inc. Stock (LOW) dropped by 3.12% from $204.44 to $198.06 in the trading on Tuesday November 21, 2023. The reasons why LOW stock down today include:

• Missed sales: Group revenues fell 12.8% to $20.47 billion, missing analysts' estimates of a $20.89 billion tally. U.S. same-store sales fell 7.4%, compared to the Refinitiv forecast of a 5% decline.
• Declined earnings: Lowe's adjusted earnings for the three months ending in October were pegged at $3.07 per share, down 6.1% from the same period last year but just ahead of the Street consensus forecast of $3.03 per share.
• Lower full-year revenue outlook: Lowe’s now anticipates sales will total about $86 billion for the fiscal year. It had previously expected a range of $87 billion to $89 billion, down from its prior forecast of between $87 billion and $89 billion. Same-store sales are likely to fall by around 5%, compared to its prior forecast of a 2% to 4% decline, while earnings are expected to come in at $13 per share, down from its last forecast of between $13.20 to $13.60 per share.
• Cooling demand: Lowe’s faces cooling demand as Americans’ huge, Covid pandemic-fueled appetite for home improvement moderates and higher mortgage rates inject more uncertainty into the housing market.