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Why Home Depot Stock Bounced Today
Home Depot (NYSE: HD) provided mixed results with its fourth-quarter earnings and forward guidance today, but the stock is in rally mode. The results brought somewhat of a relief rally after shares of the leading home improvement company declined by almost 8% in the past month.
Home Depot stock moved higher by 3.5% this morning as of 11:25 a.m. ET. Beyond a bounce off the recent decline, there are good business reasons why investors are seeing the quarterly report as a net positive today.
The report was good news on the surface. Comparable sales increased 0.8% across the company in the fourth quarter. That was well ahead of an expected 1.5% drop, and the increase broke a streak of eight consecutive quarterly declines.
