Home Depot

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Retail Gains Drive Dow Up 83

Signs of life from the consumer help stocks rebound

(Newser) - Positive retail reports helped get stocks back on track today after recent declines, the Wall Street Journal reports. Home Depot, Target, and Saks saw smaller-than-expected declines in quarterly profit, while discount chain TJX reported a 31% gain. The Dow rose 82.60 to close at 9,217.94. The Nasdaq... More »

Housing Data Put Dow Off 29

(Newser) - Yesterday’s housing-fueled rally didn’t carry over into today’s session, the Wall Street Journal reports, in part because of poor indicators from that same industry. April saw a 12.8% reduction in buildings starting construction; Home Depot dropped 5%. Still, a metric of investor anxiety today fell to... More »

Dow Up 235 on Housing Hopes

(Newser) - Markets rose significantly today on indications of a turnaround in the housing sector, the Wall Street Journal reports, with an industry confidence metric at its highest since September 2008. Financials—Bank of America was up 9.8%—led the S&P to a symbolic close above 900. The Dow was... More »

Dow Ticks Up 38 Amid Layoffs

Home sales report boosts stocks

(Newser) - Stocks closed with mild gains today even as US firms announced roughly 50,000 job cuts, the Wall Street Journal reports. The market was buoyed by a report that home sales are picking up as buyers take advantage of low prices. The Dow closed up 38.47 at 8,116.... More »

Home Depot Hacks 7K Jobs

Home-improvement giant having rough time in slow housing market

(Newser) - Home Depot says it's cutting 7,000 jobs and closing its smaller Expo chain as the recession continues to batter the nation's housing market. The nation's largest home-improvement retailer says the cuts announced this morning will affect about 2% of its workforce. Its core Home Depot stores won't be affected. More »

Home Depot Dumps Olympians

Program helped win 95 gold medals

(Newser) - Home Depot is ending the high-profile sponsorship program under which hundreds of US athletes have had the opportunity to chase Olympic gold. The company denied that the slumping economy was behind the decision, the Atlanta Journal-Constitution reports. But a marketing expert said, “In tough times like these, companies are... More »

Overbuilding Leaves Malls Under-Occupied

Retail space glut likely to well outlast current economic slowdown

(Newser) - A decade of rapid expansion by developers and an increase in store closings has created a glut of space in malls that could persist for years, the Wall Street Journal reports. “There were a lot of projects that shouldn't have been built” during the past decade, the CEO of... More »

Losses Continue for 2nd Day

Stagflation stalks the Street; retailers post poor results

(Newser) - Stocks fell today for a second straight session as doubts about financials persisted and economic news painted gloomy outlooks on inflation and housing, MarketWatch reports. Disappointing quarterly reports from the retail sector made a bad situation worse. The Dow fell 130.84 to 11,348.55, the Nasdaq 32.62... More »

Wal-Mart Leads Feb. Retail Rally

Overall sales jump doubles expectations, calms consumer spending fears

(Newser) - Big retailers showed unexpected signs of life in February, beating weak sales predictions to inject some hope into the market. Wal-Mart led the way, posting a 2.6% same-store increase, beating its own predictions of flat-to-2% growth. Overall, same-store sales climbed 1.9%, with more than half of retailers beating... More »

Dour Housing Market Slams Home Depot Q4 Results

Profits drop 27%, and the company says 2008 isn't looking very bright

(Newser) - Continuing US housing market woes, showing no signs of letting up, helped drag Home Depot’s fourth quarter profits down 27% over the same quarter last year, to $671 million from $925 million. The world’s largest home-improvement retailer also predicted fiscal-year earnings will drop 19% to 24%, more than... More »

Retailers Bully Shoplifters for $$

'Civil recovery' systems using threat of legal action to extort funds

(Newser) - A system designed to compensate retailers for losses incurred by shoplifters has few controls to prevent the extortion or harassment, the Wall Street Journal reports. “Civil recovery” laws allow retailers to turn the names of suspected shoplifters over to collection agencies who demand fees of $200 or much more—... More »

Dreary Housing Market Nails Home Depot

Third-quarter net income plunges 27%

(Newser) - A weak housing market hammered Home Depot’s third quarter, sending revenues down 4% and cutting net income 27%, reports the Wall Street Journal. The Atlanta-based retailer today said net income fell to $1.09 billion compared to $1.49 billion a year ago. “We are facing a tough... More »

Activist Investor Amps Up for Sprint Fight

CEO slayer wants change at carrier

(Newser) - Ralph Whitworth isn’t happy with Sprint’s priorities or its management, and he’s one shareholder the wireless carrier can’t just laugh off. The principal of Relational Investors has parlayed small shares in Home Depot and Sovereign into the sacking of those corporations’ CEOs; now he says he’... More »

Stocks Edge Up in Balancing Act

Retailers’ sales sink as homes out-perform expectations

(Newser) - Stocks rose slightly today as retail woes were somewhat offset by August home sales that outperformed expectations, MarketWatch reports. Led by Microsoft, which rode the release of “Halo 3” to a 1.5% jump, the Dow climbed 19.59 to 13,778.65. The S&P dipped 0.52... More »

Home Depot Deal Renovated

Price for wholesale unit slashed

(Newser) - The sale of Home Depot's wholesale supply unit—threatened by the credit crisis —is going ahead after tense negotiations between Home Depot, private equity firms buying the company and banks providing the financing. Home Depot slashed its price 18% to $8.5 billion and guaranteed some of the loans... More »

Banks Might Derail Home Depot Deal

Private equity threatens lawsuit as financing dries up

(Newser) - The pending sale of part of Home Depot took an ugly turn last night as three banks and three private equity firms entered into a showdown over financing. Home Depot dropped its asking price by over $1 billion, but the banks involved—JPMorgan Chase, Lehman Brothers and Merrill Lynch—have... More »

Stocks Stall Amid Continued Anxiety

Traders watch, wait as Fed weighs interest rate cut

(Newser) - The Dow dipped a quarter-point to close at 13,235.88 today as investors continue to fret over the possibility of a Fed interest rate cut. The S&P 500 dropped 1.57 to 1,462.5, and the Nasdaq fell 11.10 to 2,541.70. Home Depot led... More »

Credit Crunch Hits Bond Market

Tight corporate borrowing could slow economy

(Newser) - Ripples from the credit crisis have reached the corporate bond market—threatening to slow down the economy by seriously limiting the ability of major corporations to borrow money for new projects,  the Washington Post reports. Credit problems have already begun to bite into the future plans of Hertz, ... More »

Stocks Take Another Tumble

Mortgage woes persist, retail down

(Newser) - The markets lost again today, as a small cash manager’s move to halt investor pullouts agitated fears about liquidity, as well as deeper jitters over mortgage woes seeping into credit markets. The Dow fell 207.61 points to 13028.92, dragged down heavily by two major retail components, Wal-Mart... More »

Market Sinks After Tech Rally Shuts Down

Tech boom erased by mortgage, energy concerns at bell

(Newser) - The tech sector boomed early today, but couldn’t save the market from bank and energy woes at day’s end. Declines in MBIA, Exxon and Home Depot shares helped to erase early gains on the Nasdaq and S&P, and the bankruptcy of Aegis Mortgage Corp. renewed financing worries,... More »

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