Lots of breaking news this morning…
Retail sales grew 1.4% in October, after a 1.5% gain in September but came in short of the Street’s estimate. Excluding autos, sales increased 0.2% which was below the 0.4% gain from last month.
The New York Federal Reserve’s Empire State manufacturing survey also came in lower than expected. After hitting a five year high in the previous month, manufacturing activity fell to 23.5 in November from 34.6 in October.
Lowe’s Companies (LOW, $21.85) reported earnings this morning and said profits for the quarter were $344 million, or $0.23 a share, down from $488 million, or $0.33 a share, in the same quarter last year.
Results included one-time costs and if you exclude those items, Lowe’s earned $0.24 a share, matching Wall Street’s expectations.
Revenue came in at $11.4 billion, down from $11.7 billion, but beat estimates of $11.3 billion. Lowe’s said it expects sales to increase 3%-4% a year on average over the next five years, and average earnings will increase 15% annually. This stock is slightly higher in pre-market trading.
Futures are pointing towards a strong open this morning and we are looking to take advantage of the next leg up. Current Members can check for a NEW TRADE this morning, one we are trying to get at the open, in the Members Area.