Why Are Home Depot (HD) Shares Soaring Today

What Happened:Shares of home improvement retail giant Home Depot (NYSE:)
jumped 6.1% in the morning session after the company reported third quarter results that came in ahead of analysts’ expectations for revenue, same store sales and EPS. In addition, the company continued to generate positive cash flow. However, management cited macro pressures, adding, “Similar to the second quarter, we saw continued customer engagement with smaller projects, and experienced pressure in certain big-ticket, discretionary categories. We remain very excited about our strategic initiatives and are committed to investing in the business to deliver the best interconnected shopping experience, capture wallet share with the Pro, and grow our store footprint. ” Overall, it was a decent quarter, with management’s focus on investing in growth likely to give investors reasons to stay positive.

Is now the time to buy Home Depot? Find out by reading the original article on StockStory.

What is the market telling us:Home Depot’s shares are not very volatile than the market average and over the last year have had only 1 moves greater than 5%. In context of that, today’s move is indicating the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

Home Depot is down 2.9% since the beginning of the year, and at $306.75 per share it is trading 9.7% below its 52-week high of $339.79 from February 2023. Investors who bought $1,000 worth of Home Depot’s shares 5 years ago would now be looking at an investment worth $1,704.