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Lowe's Breaches July Low And Fails To Rebound

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Lowe's Companies, Inc. (NYSE: LOW) shares are trading lower by $4.60 (6 percent) at $71.22 in Wednesday's session.

For the second quarter in a row, the company missed Wall Street estimates for EPS and sales. Before the open, the company announced a Q2 EPS miss of 4 cents along with a sales miss of $30 million.

On July 20, the stock fell more than $4 with a a low at $71.58, when Amazon (NASDAQ: AMZN) announced it was partnering with Sears (NASDAQ: SHLD) to begin selling Kenmore appliances, which would be in direct competition with Lowe's. It did recover to the $79.00 area by August 3, but was drifting lower ahead of the today's report.

After lower open, Lowe's attempted to rebound but the rally was snuffed out at $72.48 and the move lower continued. It has breached the July low, falling to $70.76. That low comes in just below its 2017 low ($70.49), which was made on January 3.

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