Why Are Lowes Shares Falling Tuesday?

Zinger Key Points
  • Shares of Lowe's Companies, Inc. (NYSE: LOW) are trading lower as part of a broader sell-off in building-related stocks.
  • Despite market pressures, Lowe's is actively contributing to community development through its Hometowns Community Impact Program.

Shares of Lowe’s Companies, Inc. LOW are trading lower Tuesday afternoon. This decline comes as part of a broader sell-off in building-related stocks, prompted by Pool Corporation‘s POOL revised earnings guidance for 2024.

What’s Happening: Pool Corporation, the world’s largest wholesale distributor of swimming pool and related backyard products, has significantly revised its 2024 earnings forecast due to a challenging macroeconomic environment. The company now expects a 15% to 20% drop in new pool construction and remodeling activity for the year.

Impact On Lowe’s: As a major supplier of home improvement and building materials, Lowe’s is feeling the ripple effects of Pool Corp’s guidance cut. The reduced discretionary spending on big-ticket items like swimming pools and outdoor living projects has raised concerns about potential declines in sales for related home improvement products.

LOW Price Action: Lowe shares were down by 4.76% at $217.5 at the time of writing, according to Benzinga Pro.

See Also: Pool Lowers FY24 EPS Forecast, Joins SolarEdge Technologies, Spirit AeroSystems And Other Big Stocks Moving Lower In Tuesday’s Pre-Market Session

Photo Via Shutterstock.

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