Lowe's Shutting Down Stores, Rob Lowe Strips with Thomas Jane

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What do Rob Lowe and Lowe's Companies have in common? Both are stripping down. Don't get too excited, it's Rob Lowe, not Daisy Lowe. Lowe's slogan "Let's Build Something Together" will only relate to customers, as the company will be severely reducing its future growth. Naturally, neither of the two entities are related. Rob Lowe got naked with Thomas Jane while filming "I Melt With You" according to
The Insider
, while Lowe's is in the process of trimming down its physical presence in the retail world. Lowe's
LOW
reported its 3Q results today relatively in-line with analyst estimates, but some firms, like JP Morgan, have referenced the beat as "low quality" or "mixed" results as said at Oppenheimer. According to the
Wall Street Journal
, President and Chief Executive Robert Niblock was quoted saying "Our performance is not at the level we expect relative to the market." Niblock said the home-improvement retailer continues to optimize its size and enhance the shopping experience, adding that it wasn't dependent on "an unlikely near-term economic recovery," according to WSJ. A 44% drop in 3Q earnings was reported by Lowe's in light of the company's previous announcements that it will be closing doors on 20 stores and will see a sharp decrease in future store openings and will focus more on its online presence, a turn that many companies are taking these days. Year-over-year 3Q earnings were posted at $225 million ($0.18/share) vs. $404 million ($0.29/share) from 3Q 2010. Lowe's is currently trading up $0.47 from Friday's $23.11 closing price.
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Posted In: Analyst ColorLong IdeasNewsAnalyst RatingsTrading Ideasdaisy lowerob lowethe insiderthomas janeWall Street Journal
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