Why did Lowe's Companies stock rise on 6 October?
Written after the close on
Lowe's Companies +2.32%
Lowe's rose sharply in the latest session, likely helped by its new drone delivery pilot with DoorDash and Wing. Over the last five trading days Lowe's fell slightly, going the other way while the S&P 500 and the consumer cyclical sector both rose clearly. The soft do-it-yourself demand and a weak housing market, with high mortgage rates slowing home turnover, likely kept a lid on the shares, partly offset by strength in Pro (sales to professional contractors), home services and online. The drone pilot and a refreshed senior team are the concrete company news of the period, while Guggenheim's reaffirmed buy rating and a $275 price objective came just before it. Watch whether the drone rollout and Pro demand can offset DIY weakness when Lowe's next reports.