Shares of Home Depot Inc.
HD,
tumbled 9.8% in afternoon trading Tuesday, to pace the Dow Jones Industrial Average’s decliners, after the home improvement retailer reported fiscal fourth-quarter results that beat expectations and raised its dividend, but reported gross margin that fell and provided a less than enthusiastic profit outlook. The stock’s price decline of $33.84 was shaving about 223 points off the Dow’s price, representing about 38% of the Dow’s decline of 580 points, or 1.7%. The stock was headed for the biggest percentage decline since dropped 10.4% on March 18, 2020. Meanwhile, shares of Home Depot rival Lowe’s Companies
LOW,
which reports fiscal fourth-quarter results before Wednesday’s open, dropped 4.4% in afternoon trading Tuesday.
