Why Lowe's Stock Is Down 32% So Far in 2022
Lowe's (NYSE: LOW) shareholders are losing ground to a slumping market so far this year. The stock fell 32% in the first half of 2022, according to data provided by S&P Global Market Intelligence, compared to a 21% drop in the S&P 500.
That decline looks better when compared to rival Home Depot (NYSE: HD), whose stock is also down significantly in 2022. And Lowe's shares are outperforming the market over the past full year. However, the recent slump reflects investors' fears about an impending slowdown in the home improvement market.
Lowe's latest earnings report, in mid-May, didn't inspire much confidence from Wall Street. Yes, the chain's sales are still well above the level that investors saw in pre-pandemic days. But the retailer's comparable-store sales fell through late April even as Home Depot notched a slight increase.
Source Fool.com
