On Tuesday before the market opened, shares of Lowe’s (LOW) took a dive following news that COO Rick Damron will retire in February despite posting profits. The company said that Richard Maltsbarger, current chief development officer, will take his place.
LOW posted adjusted third quarter earnings per share of $1.05 on $16.77 billion in sales while analysts were looking for earnings of $1.02 on $16.59 billion in sales. They also bought back $500 million worth of stock in the third quarter.
Lowe’s Technicals
Shares of LOW initially jumped following their earnings release but once investors found out about Rick Damron retiring they quickly turned around. Shares hit a premarket high of $84 before reversing and are currently trading at the $80 area.
Shares closed Monday at $81.46, making this about a 3% drop in value. $80 has been an important pivot in the past so we should see that continue today. However, if we drop below it we are looking at $78.20 the next level of support which is where the 200-day moving average is currently sitting.
Shares will be volatile today with plenty of volume and opportunity to trade so keep this one on your radar!
