One week after home improvement giant Home Depot (NYSE: HD) shocked the stock market with a sales miss and weak guidance, investors are having the opposite reaction to news that its archrival has beaten on sales (and issued weak guidance).
This morning, home improvement retailer Lowe's Companies (NYSE: LOW) announced that it earned an adjusted profit of $3.67 per share on $22.3 billion in sales in the first quarter of 2023 versus analyst expectations of $3.44 and $21.6 billion.
And Lowe's shares are up 2.4% as of 10:45 a.m. ET because of it.
Source Fool.com