Some Of Today’s Story Stocks: Lowe’s, Goldman, Google
Just a pretty slow Monday. Here are some stocks making news today:
Lowe’s (LOW) reported fiscal year 4th quarter earnings before the open this morning. Same stores sales were down 7.6% from a year ago, revenue was essentially flat and net income was down 33% (LOW 4Q FY Earnings Release).
Lowe’s shares are up 3% on the release.
Home Depot (HD) shares, which report tomorrow, are also up 1%.
An article in The Wall Street Journal (“Goldman’s Profit Magic May Be Fading” (subscription required), Monday February 25, C1) this morning raises the possibility that Goldman Sachs (GS) may be facing an ugly quarter when it reports the quarter ending February 29 in mid-March.
The article suggests Goldman might have to take writedowns on its large leveraged loan portfolio and on some of its equity positions. In addition, core businesses like investment banking are in a difficult environment.
Goldman’s shares are off 3%.
Finally, access to Google’s (GOOG) YouTube website was apparently disrupted over the weekend when the Pakistani government tried to prevent access to a clip they thought was incendiary to Muslims and could spark riots.
Why this should cause a $15, 3%, selloff in Google shares is not clear to me. Just another example of how this once loved stock has become one of the most hated and feared.
Disclosure: Top Gun has no position in Lowe’s (LOW) and Goldman Sachs (GS) shares, is long Google (GOOG) and short Home Depot (HD).