Home Depot (HD) Stock

On Tuesday, November 19th, Lowe's (NYSE: LOW), a home improvement store, dropped by 4.6% to $259, while the S&P 500 index increased by 0.4%. Meanwhile, Home Depot (NYSE: HD), a competitor, experienced a smaller decline of 0.9%, bringing its stock price to about $407 on the same day.

Investors might want to reconsider purchasing this unexpected stock, even though a stock split is probably on the way.

Home Depot (HD) has been getting a lot of interest from users on Zacks.com recently. As a result, it's important to understand the factors that could affect the stock's future performance.

It currently holds a small part of this huge market, but it has just made a significant move to gain a larger share.

HD's results for the third quarter show ongoing improvements from the Pro category, contributions from SRS, and additional sales related to hurricanes. This strong outlook is helping to maintain its progress.

Home Depot's performance in the third quarter was better than expected, thanks to sales from hurricane-related needs and the integration of SRS Distribution, which has led to an increase in their guidance for the fiscal year 2024. However, high interest rates and mortgage costs are still causing delays in larger remodeling projects, which could hinder Home Depot's growth. The acquisition of SRS seems to be beneficial, boosting sales and supporting Home Depot's focus on the Pro segment, but it will take time to see the full effects.

The company seems to be in a good place to recover next year.

Home Depot's CEO, Ted Decker, appears on CNBC's 'Squawk Box' to talk about the latest earnings report, the improved forecast, and other topics.

Ted Decker, the president and CEO of The Home Depot, appears on CNBC's 'Squawk Box' to discuss the company's quarterly results.