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HOME DEPOT FORECASTS SALES GROWTH BELOW ESTIMATES, STOCK FALLS - Capital Street FX

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    • HOME DEPOT FORECASTS SALES GROWTH BELOW ESTIMATES, STOCK FALLS
11-Dec
20:10 IST

Home Depot’s stock is currently trading at 211.05-lower by 2.23% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 2.14%. The stock has continued falling after the opening bell.

The home improvement retailer today forecast 2020 sales growth below the market expectation. Home Depot said in November that its One Home Depot strategy was not yet generating as much revenue as the company was anticipating. The CEO also stated earlier today that One Home Depot strategy will address the evolving needs of customers.

Home Depot forecast preliminary fiscal 2020 sales growth of around 3.5% to 4%. It was below the consensus estimates of 4.3%. Sales forecast came ahead of its conference for investors and analysts which is scheduled for later today where it would provide more details on the strategy. The home improvement retailer also lowered its sales forecast for the year last month. Home Depot said it expects sales to rise by 1.8%, compared with an earlier forecast of 2.3%.

On the technical front, the RSI is currently at 31.03% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger Bands and is heading downwards.

 

TRADE SUGGESTION- LIMIT SELL AT 211. 60 TAKE PROFIT AT 210.60 STOP LOSS AT 212.00

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