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In the pre-market trading session, Home Depot’s stock was trading at 247.00-higher by 3.05% as compared to the previous closing price.
The company on Tuesday morning reported earnings and sales for the fourth quarter that topped the market expectation. The home improvement retailer today reiterated its forecast for the fiscal 2020 year.
The company generated an EPS of $2.28 for the fourth quarter. The EPS was above the market expectation of $2.10. Home Depot brought in $25.78 billion in revenue for the fourth quarter. The revenue was above the consensus estimates of $25.76 billion. Sales at stores open for at least 12 months were up 5.2%, above the expected growth of 4.8%.
Home Depot raised its dividend by 10%. The home improvement retailer’s shares have trading near record high supported by a strong country’s economy and a housing market with appreciating home values. Home Depot plans to open six new stores this year. Stocks of the home improvement retailer have rallied about 25% over the past 12 months.
On the technical front, the current price is above the MA5 and the MA20. The current price is above the middle line of the Bollinger Bands and is heading upwards. The stock is expected to trade higher today.
TRADE SUGGESTION- LIMIT BUY AT 246.70 TAKE PROFIT AT 249.30 STOP LOSS AT 245.40