Benzinga | Nov 16, 2021 11:24AM EST

Why Lowe's Stock Is Trading Higher Today

Lowe's Companies Inc (NYSE:LOW) is trading higher Tuesday in sympathy with The Home Depot Inc (NYSE:HD), which reported better-than-expected third-quarter financial results.

Home Depot reported quarterly earnings of $3.92 per share, which beat the estimate of $3.40 per share. The company reported quarterly revenue of $36.8 billion, which beat the estimate of $34.49 billion, representing a 9.8% increase year-over-year.

"As evidenced by our strong performance in the quarter, our team continues to do an outstanding job of operating with flexibility and agility," said Craig Menear, chairman and CEO. "Ultimately, this is what has allowed us to respond to the elevated home improvement demand that has persisted."

See Also: Home Depot Q3 Earnings Top Estimates

Lowe's is the second-largest home improvement retailer in the world after Home Depot.

Lowe's is set to announce its third-quarter financial results before the market opens on Wednesday.

LOW Price Action: Lowe's has traded as low as $146.71 over a 52-week period. It's making new 52-week highs during Tuesday's trading session.

The stock was up 4.04% at $244.41 at time of publication.

Photo: courtesy of Lowe's.