Home Depot Tumbles as Earnings Top Projections

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Nov 17, 2020 (Baystreet.ca via COMTEX) —
Home Depot (NYSE:HD) on Tuesday reported third-quarter earnings that beat estimates as consumers continued to focus on home improvement during the coronavirus pandemic and sales surged 24% from a year ago.

The home improvement retail giant said some of its temporary employee compensation programs that it implemented during the pandemic will become permanent wage increases, which will result in $1 billion of additional compensation expenses per year.

Home Depot previously said it had spent $1.3 billion through Aug. 2 on additional compensation costs due to Covid-19 in 2020. On Tuesday, it did not provide updated year-to-date additional compensation costs.

During the fiscal third quarter ended Nov. 1, Home Depot’s net income surged 24% to $3.43 billion, or $3.18 per share, up from $2.77 billion, or $2.53 per share, a year

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Netflix tumbles 9% even as major indexes hit record highs as at-home stocks dive on positive vaccine news

  • Positive developments in the race to a COVID-19 vaccine sent shares of stay-at-home stocks like Netflix plummeting on Monday.
  • Netflix itself fell as much as 9%, even as major indexes like the S&P 500 and Dow Jones industrial average soared to record highs.
  • The streaming giant saw a spike in subscribers due to the COVID-19 pandemic as consumers searched for entertainment alternatives amid the stay-at-home orders.
  • Watch Netflix trade live here.

Netflix plummeted as much as 9% on Monday after Pfizer and BioNtech announced that its phase 3 COVID-19 vaccine candidate demonstrated an efficacy rate of more than 90%.

The vaccine developed by Pfizer and BioNtech was evaluated in a phase 3 trial with more than 44,000 patients. No serious safety concerns were observed during the trial. Pfizer expects to manufacture up to 50 million doses of its vaccine by the end of the year, and up to

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