Shares of Lowe's Companies, Inc. (NYSE:LOW) are trading lower Tuesday afternoon. This decline comes as part of a broader sell-off in building-related stocks, prompted by Pool Corporation's (NASDAQ:POOL) revised earnings guidance for 2024.
What's Happening: Pool Corporation, the world's largest wholesale distributor of swimming pool and related backyard products, has significantly revised its 2024 earnings forecast due to a challenging macroeconomic environment. The company now expects a 15% to 20% drop in new pool construction and remodeling activity for the year.
Impact On Lowe's: As a major supplier of home improvement and building materials, Lowe's is feeling the ripple effects of Pool Corp's guidance cut. The reduced discretionary spending on big-ticket items like swimming pools and outdoor living projects has raised concerns about potential declines in sales for related home improvement products.
LOW Price Action: Lowe shares were down by 4.76% at $217.5 at the time of writing, according to Benzinga Pro.
![](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240626/0-b0c6ab7f3a2c55831b6b08e6667f62eb-0-56e56b2bae65e835db1ba06392628fb3.png/big)
Photo Via Shutterstock.