Fast Money Blog- 11/17/23
Tuesday, November 14th was a big day on Wall Street as The Home Depot, Inc. (HD) released it’s Q3 2023 earnings report and the U.S.Bureau of Labor released its CPI report.
Home Depot’s earnings showed shoppers downsizing to smaller projects, and spending less on big-ticket, discretionary categories. This led to a decrease in revenue for the quarter.
Q3 top-line revenue totaled $37.7 billion, down 3% year-over-year.
Comparable store sales also fell 3.1% from the same period a year ago.
Even though HD’s revenue declined slightly, Wall Street did not respond negatively to the news, as HD pays a dividend of $2 per share per quarter. This is why HD’s stock price rose significantly after the report was released.
Because of the company’s financial stability I recommend HD as it relates to Wealthy Investor standards.
This week Wall Street investors had another reason to celebrate as the U.S. release its monthly CPI report.
The Consumer Price Index rose 3.2% for the 12 months that ended in October, down from 3.7% in September. This marks the lowest annual rate since March 2021.
US Core Consumer Price Index YoY is at 4.02%, compared to 4.13% last month and 6.30% last year.
Overall this was a terrific week on Wall Street!
Tyrone Jackson
The Wealthy Investor