Diamonds and Dogs
Lowes (LOW) rises 3% following better than expected earnings. Lowes easily beat estimates as sales rose 2.4% to $23.48 billion. The company also raised guidance thanks to improved DIY sales trends. Online sales are also improving with revenue from Lowes.com grew 12%, on top of 25% growth last year, improving operating margins.
Target (TGT) missed the bullseye by a wide margin in the third quarter as the discount retailer felt the brunt of a consumer spending slowdown in more discretionary merchandise. Target is down 13% after missing earnings as management said they said a meaningful softening in shopping behavior. Looking forward, Target expects fourth-quarter same-store sales to decline in the "low-single-digit" based on softening sales and profits that emerged late in the third quarter and persisted into November.
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