THF Composite of Industry Stocks Up 20
A mixed week for the 28 stocks included in The Hard Fax Composite of Home Improvement Industry Stocks last week, with 10 down and 18 up.
Lowe’s reported third quarter results on Monday, citing continuing problems in the housing market as the major cause for the company’s sales decline of three percent in the quarter versus the same period last year and an earnings decline of nearly 30 percent. The retailer’s stock fell 11 cents, or 0.5 percent, on the day but still finished the week up 49 cents.
The Department of Commerce on Monday reported overall retail sales up 1.4 percent in October over September, driving the Dow up 136 points for the day. Home improvement retail sales (NAICS Code 444) in the same report were down 0.6 percent in October compared to September and are down 17 percent from year-ago levels, but our market basket of stocks still managed to gain 15.89, or 1.5 percent, on the day.
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