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18.08.26 - 17:45
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Home Depot Earnings Offer Glimmer Of Hope As Small Projects Offset Renovation Downturn (ZeroHedge)
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Home Depot Earnings Offer Glimmer Of Hope As Small Projects Offset Renovation Downturn
Home Depot reported stronger-than-expected second-quarter sales and profit as homeowners spent money on smaller do-it-yourself projects, giving the home-improvement retailer enough confidence to reaffirm its full-year outlook.
The frozen housing market, combined with elevated borrowing costs, has deterred homeowners from financing larger renovations, such as replacing exterior windows and doors or installing a new deck, and has also pressured Home Depot shares over the past year and a half.
However, second-quarter demand showed signs of resilience in smaller projects, including ceiling fan replacements, landscaping, gardening, and electrical upgrades.
"They are engaged in smaller projects, but we haven't yet seen that combination of factors that unlocks larger projects," CFO Richard McPhail said in an interview.
Comparable sales increased 1.7% in the quarter, beating the Bloomberg consensus estimate for a ...
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18.08.26 - 17:45
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US Pending Home Sales Plunge Back Near Record Lows In July (ZeroHedge)
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US Pending Home Sales Plunge Back Near Record Lows In July
Following another disappointment in existing home sales in July, weak homebuilder sentiment, and plunging housing starts, pending home sales tumbled for the second month in a row in July (-2.3% MoM vs 0.0% exp - below thew worst forecast), dragging sales down 2.5% YoY - the biggest annual drop since April 2025...
This decline matches the second-worst reading in data back to 2001...
“The highest mortgage rates of the year hit right in the middle of summer, and that's pulling back contract signings,” NAR Chief Economist Lawrence Yun said in a statement.
“Home prices are at record highs so houses for sale are sitting on the market longer, and fewer buyers are bidding above the asking price than a year ago, though there are large local market variations.”
All four major US regions experienced a decline in demand during the month.
An index of pending sales in the South, the nation's biggest home-selling region, decreased 2.2% to ...
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18.08.26 - 15:42
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Buy-Now-Pay-Later Klarna Crashes As Outlook Cut Exposes Consumer Growth Cracks (ZeroHedge)
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Buy-Now-Pay-Later Klarna Crashes As Outlook Cut Exposes Consumer Growth Cracks
Klarna, the Swedish fintech firm best known for its buy now, pay later services, crashed in premarket trading in New York after it lowered its full-year revenue and gross merchandise value forecasts following a second-quarter active-user miss, overshadowing stronger-than-expected earnings.
The buy-now, pay-later firm now expects 2026 revenue of $4.08 billion to $4.16 billion, down from a previous forecast exceeding $4.34 billion. Gross merchandise value is projected to be $149 billion to $151 billion, compared with earlier guidance of above $155 billion.
Third-quarter revenue is expected to range from $940 million to $980 million, well below the $1.11 billion consensus estimate. The company forecast gross merchandise value of $35 billion to $36 billion, versus expectations of $39.26 billion.
Second-quarter revenue was a bright spot, rising 27% to $1.04 billion and beating estimates, while gross merchandise value re...
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