Shares of Home Depot (NYSE:HD) gained early but fell with the general markets after the company followed Lowe’s (NYSE:LOW) by cutting costs with a smaller plan. For example, a Louisiana call center will be rocked with layoffs over the next few months and may be eliminating over 400 jobs.
On the other side of the aisle, Lowe’s (NYSE:LOW) has announced they will close 20 underperforming stores across 15 states, as well as halt any plans to open new stores in the future. Instead of opening 30 stores a year after 2012, the company will merely start 10-15 new ones annually.
Investing Insights: Can Lowe’s Catch The Home Depot?