Why Pool Corp., Home Depot, and Lowe's Took a Dive Today
Shares of housing-related stocks Pool Corp. (NASDAQ: POOL), Home Depot (NYSE: HD), and Lowe's (NYSE: LOW) were falling in Tuesday's trading, down 6.9%, 4.1%, and 4.6%, respectively, as of 1:12 p.m. ET.
When housing-related names all fall in tandem, it's likely a sign of something going awry with either one major name, or more generally with consumer confidence and/or inflation and interest rates. Tuesday, unfortunately, saw all types of these negative contributors.
Yesterday after hours, Pool Corp. issued a press release preannouncing weak second-quarter revenue and lowering its full-year earnings guidance. In the release, the company noted that second-quarter revenue was trending down about 6.5% relative to the prior year, and that it expects the full-year revenue to decline in a similar range. Management also lowered its earnings-per-share guidance from a range of $13.19 to $14.19 to a new range of $11.04 to $11.44.
Source Fool.com
