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Nov 18, 2020 09:42


Intraday Fundamentals
• Shares of Lowe's Companies (LOW) dropped 4.8% in premarket trading Wednesday, after the home improvement retailer reported fiscal third-quarter sales that rose above expectations, but an adjusted profit that was just in line with forecasts. Net income fell to $692 million , or 91 cents a share, from $1.05 billion , or $1.36 a share, in the year-ago period. Excluding non-recurring items, such as losses on the extinguishment of debt, adjusted earnings per share came to $1.98 , matching the FactSet consensus of $1.98 . Sales increased 28.3% to $22.31 billion , above the FactSet consensus of $21.17 billion , as U.S. same-store sales jumped 30.4% to beat expectations of a 23.0% rise. The company invested $245 million in COVID-related support for its employees during the quarter, and repurchased $621 million worth of its stock. For the fourth quarter, Lowe's expects adjusted EPS of $1.10 to $1.20 , surrounding the FactSet consensus of $1.16 , and same-store sales growth of 15% to 20%, above expectations of 13% growth. The stock has run up 33.5% year to date through Tuesday, while the SPDR S&P Retail ETF (XRT) has climbed 22.3% and the S&P 500 has gained 11.7%.
Technical Stats
ADV 4.14 m RVOL 1.36 ATR 4.85 Short .66% Inst Own 77%
Trading Strategy
• Long 145.40
• Long a hold over 150 find the right entry
• Reversal set up at 8 or 830
Reading the Tape
NA- There was a tightening spread on the HoD hold short on this. There was nothing that I could note as telling
Trade Management

Trade Notes
I did catch a tightening spread as this started to slow above 153. This set up the HoD resistance hold trade that I took small using 153.60 as the stop. This started work right away and put me at my current profit average leading me to take it off instead of holding until the target at VWAP.

Execution detail:

Date/time Symbol Side Price Position
2020-11-18 09:42:24 LOW sell $153.130 short
2020-11-18 09:43:35 LOW buy $152.375 0

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