Next week expect to hear more from Home Depot . Will they reveal an up-tick in sales as Americans venture no farther than their own backyards?
It’s no secret that Home Depot has suffered its fair share of troubles since the real estate bubble burst. In the past year Home Depot's stock has fallen about 30 percent and just last week they reported a 66% drop in quarterly profits.
None the less Chairman and Chief Executive Frank Blake remains optimistic. “Residential housing should eventually reverse its slowdown,” he said. So this year Home Depot is hiring licensed plumbers and electricians in the hope of lifting sales and earnings when the U.S. economy and housing market improve.
And now some investors are wondering if the tide is turning. With gas prices skyrocketing many Americans say they will venture no farther than their own backyards this summer.
Will Home Depot benefit as their customers spend the summer in the backyard?
Next week Home Depot is holding an analyst day, explains Jeff Macke. I expect we’ll hear good things and I’m bullish.
I’m a buyer too, adds Guy Adami.
HD looks cheap to me, Pete najarian says.
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Trader disclosure: On May 29, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (MSFT), (INTC), (DIS), (WMT), (ATVI); Najarian Owns (AAPL), (ANR), (BHI), (BKC), (HPQ), (TSO), (XLF), (AMLN), (HD), (SYMX); Najarian Owns (HK) Calls; Najarian Owns (EXM) And (EXM) Puts; Adami Owns (BTU), (C), (GS), (INTC), (MSFT), (NUE), (AGU); Finerman Owns (GS); Finerman's Firm And Finerman Own (GLNG), (HD); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Owns SXP Index Puts; Finerman's Firm Owns (AAPL), (MSFT), (SUN), (TSO), (VLO), (SBUX), (MPG); Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY)