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Two Ways: Home Depot Nails First Quarter


Strengthen your portfolio in good times and bad.


Home Depot Improvement

Home Depot (HD) reported better-than-expected first-quarter results this morning. The home improvement retailer said profits rose 44% to $0.35 per share - $0.06 better than First Call consensus. Revenues jumped 9.7% year-over-year to $16.18 billion, besting analyst expectations of $15.86 billion.

In a statement, CEO Frank Blake acknowledged that consumers in general remain under pressure, but cited improved customer satisfaction as a sign of its improving business. The company reaffirmed its guidance for fiscal year 2009, projecting sales to be down 9% with negative comparable-store sales and earnings from continuing operations down 7%.

From the Bull Pen: We're coming up on a difficult period for retailers. But if you're bullish the overall equity markets, consider the broader Retail ETF (RTH). The stock successfully held in its first test of the 50-day moving average yesterday. A sell stop can be set below yesterday's low ($77).

From the Bear Cave: Bears eyeing Home Depot can look for an entry near $26.50-$27 resistance with a tight buy stop above that level. One can also keep Best Buy (BBY) on the radar below $37.

Quick Check Around the World

Asian trading closed with the Hang Seng 3.06%, India 0.12%, Nikkei 2.78%, Shanghai 0.90% and Taiwan 1.18%.

Glancing towards Europe, we see the CAC 1.25%, DAX 2.37%, FTSE 1.35%%,

As of 8:10 AM EST, S&P Futures are trading +5 to 912.00, and Nasdaq futures are +2 to 1392.00.

A Look at Commodities

Over in commodities, crude oil is trading +0.58 to 59.61 while gold is +1.40 at 923.10 this morning. Silver is +0.850 to 13.91 and copper +3.85 to 211.40.

The dollar index is -0.5650 to 82.1950.

On the Radar


08:30 Building Permits 530k
08:30 Housing Starts 527k

Click here for the full trading radar.

Good luck today!

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No positions in stocks mentioned.

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