| Lowe's Rose |
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| News - Financial News | |||
| Written by Hugh | |||
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In what is either great news for the housing market or a prime example of earnings' management, Lowe's Co. [NYSE:LOW] surprised the market by beating analysts' expectations. The housing supply superstore giant, and competitor of Atlanta based Home Depot [NYSE:HD], turned in what for this market can only be described a s stellar performance. Lowe's earnings did fall 8 percent to $938 million, or 64 cents a share, for the quarter which ended August 1, from $1.02 billion, or 67 cents a share, a year earlier. However, analysts had forecast earnings of around 56 cents a share; eight cents lower than the earnings reported by Lowe's. The chain also raised its profit forecast for the rest of the year. Lowe's stock rose four percent in early trading on August 18, 2008.
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