Long awaited turnarounds coming for Home Depot, Lowe's after Fed's rate cut [Yahoo! Finance]
Lowe's Companies, Inc. (LOW)
Last lowe's companies, inc. earnings: 2/26 06:00 am
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Source: Yahoo! Finance
A soft housing market has weighed on retailers like Lowe's ( LOW ) and Home Depot ( HD ) over the past couple of years, but a turnaround is within sight as the Fed finally enacted a large rate cut last month. “Now that interest rates are lower, we will definitely, first and foremost, see more demand for housing,” Daryl Fairweather, chief economist at Redfin, told Yahoo Finance. For the past few years, homeowners and buyers squeezed by rising housing prices and interest rates have put off potential moves and renovations. Existing home sales fell to a 10-month low in August, data from the National Association of Realtors showed. During Home Depot's Q2 earnings call, CEO Ted Decker blamed "higher interest rates and greater macroeconomic uncertainty" for "weaker spend across home improvement projects." Its same-store sales declined by 3.3%, marking its seventh straight quarter of negative sales growth. Lowe's CEO Marvin Ellison said on the company's Q2 earnings call that "elevate
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