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Lowe's Heads Lower After Earnings

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Shares of retailer down in an overall weak market.

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Minyan Morning Memo

One to watch: Lowes' (LOW) logo is accompanied by the words "Let's build something together" but it appears to have been bested by Lego this morning. While the Danish toy titan today revealed its brick business is booming, America's second largest home improvement retailer is out with disappointing second quarter earnings. Shares are down in a weak overall market after the company came in three cents light and said same store sales slid a steeper than expected 9.5%. Its CEO referenced "wavering consumer confidence" -- clearly DIY was DOA as Bob Vilas everywhere bit the dust in a downturn. Reasons to be cheerful include signs of traffic stabilization, but with saturation and competition key concerns the stock is anything but inexpensive.

What just happened: After a record rebound from the Ides of March to the highs of August, stocks saw a four week streak end amid renewed economic uncertainty. Nordstrom (JWN) fell 6.4% on Friday and Boeing (BA) was the biggest drag on the Dow, down 3.8%. Both companies were founded in Washington State, but Pacific Northwest pride was partially redeemed when the Mariners won yesterday to keep the Yankees sweepless in Seattle.

What's happening: It's one of those days I'm afraid. Asia ended off across the board, Shanghai suffering its worst loss of '09. See Two Ways: Chinese Markets Hit Brick Wall. Europe has been under water all day. Here at home stocks have opened lower on concerns over broken China and a belief we're overdue a correction. Oil is slip sliding again and gold is down.

What will happen: In economics, at 8:30 AM Eastern the August Empire Manufacturing Index swung to a gain 12.08, ahead of expectations and its best reading in over a year. With more than 90% of the S&P 500 having already reported, its fairly quiet for earnings. Look for results from Agilent (A), Emcore (EMKR) and Valspar (VAL).

Happenstance: While our own markets had an almighty bull run of late, the world's steak capital stands cowed by the previously unimaginable prospect of their nation becoming a net importer of beef.
No positions in stocks mentioned.
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