Lowe's Stock Pivots to 52-Week Highs on Quarterly Win

The company issued a dismal 2024 sales forecast, though

Fernanda Horner

Digital Content Manager

Feb 27, 2024 at 10:29 AM

Home improvement retailer Lowe's Companies Inc (NYSE:LOW) reported a fourth-quarter earnings and revenue beat earlier, as well as a disappointing 2024 sales outlook. The company noted consumers are resisting higher prices and are more hesitant thanks to the uncertain economic backdrop. LOW erased premarket losses, however, and was last seen up 2.9% at a new 52-week high of $237.70.

The shares are bouncing off the $230 level and on track to log their fourth daily win in five, while support from the 20-day moving average came into place earlier this month. Over the past 12 months, Lowe's stock added 16.7%.

Options volume is already running at eight times the intraday average amount, with 9,644 calls and 7,994 puts exchanged so far today. Most popular is the weekly 3/1 240-strike call.

This penchant for bullish bets has been the norm lately. The security's 50-day call/put volume ratio of 1.32 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits higher than 97% of readings from the past year.

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