Housing Market Recovery Boosts Home Depot Profit & Sales and 2 Other Dow Movers to Watch
The Home Depot Inc. (NYSE:HD): Current price $75.26
The ongoing recovery in the domestic housing market is helping to raise Home Depot’s quarterly profit and sales above estimates, encouraging the giant home improvement chain to elevate its outlook for the fiscal year. The company also posted its first double-digit rise since 1999 in sales at stores open a minimum of a year and saw its highest quarterly transaction count in its history, according to Chief Executive Frank Blake on Tuesday.
These figures appeared only days after data indicated that domestic housing starts rose by 5.9 percent in July, affording more evidence that the market for homes is healing following years of weakness.
Verizon Communications Inc. (NYSE:VZ): Current price $48.10
Verizon Wireless will bring voice and data service to the New York City subway system as it becomes the last of the top four United States wireless carriers to offer coverage in the stations. The company also said that it expects to begin the installation of third- and fourth-generation long-term evolution equipment during the next several weeks.
In a statement, it said that service should begin in 36 Chelsea and midtown Manhattan stations in 2013. The addition of Verizon helps Transit Wireless LLC, which is a closely-held company that installs antennas in subway stations, as it drives to cover all 277 stations in the subway system by 2017. The $200-million project involves seven phases of expansion with phase two ending early 2014 in Queens and in other parts of Manhattan.
General Electric Co. (NYSE:GE): Current price $23.80
General Electric debuts the GE “Reimagining Home” Cooking Fail Redemption, which is a contest where consumers submit their best cooking failure and the story behind it to the GE Cooking Fail Tumblr page.
The contest, part of “Reimagining Home,” a new GE brand campaign, offers consumers an opportunity at redemption with an invitation to GE’s headquarters in Louisville to re-create the same dish under the guidance of expert Chef Jeffrey Saad, host of United Tastes of America on the Cooking Channel. The contest begins August 19, 2013, and runs through September 3.
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