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Lowe’s stock is currently trading at 117.42-higher by 0.52% as compared to the previous closing price. In Pre-market trading on Wednesday, the stock was traded higher by 5.67%. The stock has pared some of its earlier gains after the opening bell.
The company reported its fiscal first-quarter results before the market open on Wednesday. The home improvement retailer generated an adjusted EPS of $1.77 for the first quarter. The EPS was above the market expectation of $1.32. Lowe’s brought in $19.68 billion in revenue for the first quarter. The revenue was also above the consensus estimates of $18.32 billion.
The home improvement retailer’s same-store sales grew 11.2% in the quarter ended 1st May. Same-store sales were better than the median forecast of 3.3%. Lowe’s posted better-than-expected quarterly earnings as Americans stayed at home and invested in improving their homes. The home improvement retailer, however, withdrew its full-year forecast due to uncertainty related to the pandemic. Stocks of the company have fallen by 0.2% so far this year.
On the technical front, the RSI is currently at 70.08% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 117.30 TAKE PROFIT AT 118.80 STOP LOSS AT 116.60