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☆ Target shares slide as consumers buy fewer groceries and home goods
▼ + stars: | 2024-05-22 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Target on Wednesday posted a year-over-year sales decline and missed Wall Street's earnings estimates, as consumers fatigued from high prices bought both fewer discretionary items and groceries. On a call with reporters, CEO Brian Cornell said the company's results reflect "continued soft trends in discretionary categories." Target also announced Monday it was cutting prices on thousands of everyday items, including milk, bread, paper towels and diapers. Like other retailers, Target has tried to win over consumers who are not spending as freely on clothing, home goods or other discretionary items. Walmart, for example, has gained market share from higher-income shoppers and recently introduced a premium food brand with most items under $5.

Persons: Brian Cornell, John David Rainey Organizations: Target, LSEG, Walmart, Aldi Locations: Miami , Florida, Minneapolis

☆ AI darling Nvidia reports after the bell. What Wall Street is watching
▼ + stars: | 2024-05-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Wall Street will be keeping close watch on what Nvidia says about demand for its artificial intelligence chips when the market-moving chipmaker reports quarterly results after the bell Wednesday. Nvidia is expected to surpass expectations again, with analysts polled by LSEG calling for earnings of $5.59 per share on $24.65 billion in revenue. "As long as it tops analyst expectations, NVIDIA is likely to remain a key tailwind for the overall U.S. stock market." NVDA 1Y mountain Shares over the last year For multiple quarters, Nvidia has shocked Wall Street with the robust demand for its tools. "We continue to expect a strong beat-and-raise quarter from NVIDIA as Hopper demand remains robust before the Blackwell transition," wrote Morgan Stanley's Joseph Moore.

Persons: they've, Wolfe, Chris Senyek, Hopper, Blackwell, Morgan Stanley's Joseph Moore, Piper Sandler's Harsh Kumar, Rosenblatt's Hans Mosesmann, Baird's Tristan Gerra, Tom O'Malley, Baird's Gerra, Nvidia's Blackwell, America's Vivek Arya, Arya, Timothy Arcuri, Rosenblatt's Mosesmann, O'Malley, Morgan Stanley's Moore Organizations: Nvidia, NVIDIA, Blackwell, Barclays, Bank, America's, UBS Locations: Nvidia's

☆ Families of female Israeli hostages release graphic abduction footage to pile pressure on Netanyahu
▼ + stars: | 2024-05-22 | by ( Rob Picheta | ) edition.cnn.com time to read: +5 min

CNN —Families of seven female Israeli soldiers captured by Hamas during the October 7 attacks have released graphic footage of their abduction as they pile pressure on the government of Prime Minister Benjamin Netanyahu to secure their release. The video shows the women — all Israel Defense Forces (IDF) personnel — lined up against a wall, their hands bound. The footage was previously released by Hamas, according to the Hostages Families Forum. The campaigning group obtained it from the IDF, which had previously edited the video to exclude the most disturbing scenes. Efforts to reach a deal that would pause the war in Gaza and allow the release of hostages have repeatedly been dashed.

Persons: Benjamin Netanyahu, Israel’s, Netanyahu, ” Netanyahu, ”, Israel, “, Benny Gantz, Gantz, Megidish, Noa Marciano, Albag, Karina Ariev, Agam Berger, Daniela Gilboa, Naama Levy —, Naama Levy, ” Ayelet Levy Shachar Organizations: CNN, Israel Defense Forces, Hostages, Hostage, Israel’s Nahal, Palestinian Ministry of Health, Hamas, Families, IDF, “ Locations: Gaza, Israel, The State, Cairo

☆ This researcher studied happiness for 10 years to try and find it herself—now she has a new definition for it
▼ + stars: | 2024-05-22 | by ( Renée Onque | ) www.cnbc.com time to read: +6 min

CNBC Make It spoke to her about why she challenges the common definition of happiness and offers up a new one. Experiencing my own challenges with my mental health, my physical health, my relational health, and that compelled me to want to understand what I was doing wrong. Based on your research, what are some things that people get wrong about happiness, and what actually leads to true happiness? I thought it was very interesting that you've formed this "New Happy" community. I started to build the community by doing things like providing free challenges every week.

Persons: Stephanie Harrison's, Harrison, Dr, Martin Seligman, Penn, we're Organizations: CNBC, University of Pennsylvania Locations: Penn

☆ Strong spending is obscuring an economy that isn’t working for many Americans
▼ + stars: | 2024-05-22 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —Even after years of inflation, geopolitical chaos and recession in Europe, the US economy remains robust and resilient. Unemployment rose to 3.9% last month, lower-income consumers are spending less and businesses are limiting employee hours and pay. A recent survey by Santander Bank of its customers found that while inflation fears have largely subsided, middle-income Americans are pessimistic about the economy. Those Americans could still be suffering, but their stories are obscured by data that paints a broad picture of a resilient economy. Piepszak, meanwhile, now leads the company’s newly combined commercial and investment bank with her co-CEO Troy Rohrbaugh.

Persons: ”, Gregory Daco, haven’t, Skyler Weinand, Regan, “, ” Nanette Abuhoff Jacobson, Bryan Mena, What’s, Jamie Dimon, Here’s, Dimon, he’s, —, ” Dimon, can’t, “ Dimon, Marianne Lake, Jennifer Piepszak, Piepszak, Troy Rohrbaugh, Rohrbaugh, Mary Erdoes, Jeremy Barnum, Daniel Pinto, COOs Gordon Smith, Smith, Satya Nadella, Bing Organizations: CNN Business, Bell, New York CNN, Regan Capital, Santander Bank, Hartford Funds, Bureau of Labor Statistics, Federal Reserve, JPMorgan, JPMorgan Chase, Bank of America, Microsoft Locations: New York, Europe, Redmond, Washington

☆ This unexpected corner of the market offers quality dividend payers, Bank of America says
▼ + stars: | 2024-05-22 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

Investors hunting for income ought to look to small-cap stocks for a few high-quality dividend payers, according to Bank of America. There are names within it that offer quality dividend yields, according to Jill Carey Hall, equity strategist at Bank of America, in a Monday research report. Further, once the Federal Reserve begins cutting rates, yields paid on cash will fall, and that will make these dividend payers even more attractive for income. Finally, Bank of America added Essential Properties Realty Trust to its list of buy-rated dividend payers. The stock has a dividend yield of 4.2%, and shares are up 7.5% in 2024.

Persons: Russell, Jill Carey, Peter Galbo, Utz, Alton Stump, Stump, Nick Joseph Organizations: Bank of America, Nasdaq, Federal Reserve, Brands, Properties Realty Trust, Citi Locations: West, Midwest, Southwest, Hanover , Pennsylvania, comps

☆ News Corp. and OpenAI strike 'multi-year global partnership' deal to use journalistic content to improve ChatGPT
▼ + stars: | 2024-05-22 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

on Wednesday announced a "multi-year global partnership" that will allow OpenAI to access current and archived articles from News Corp.'s outlets, including The Wall Street Journal, MarketWatch, Barron's, The New York Post and more. As part of the deal, OpenAI will be able to display content from News Corp.-owned outlets within its ChatGPT chatbot, in response to user questions. The news follows Reddit's announcement on Thursday that it will partner with OpenAI, allowing the ChatGPT maker to train its AI models on Reddit content. As part of that deal, OpenAI will gain access to Reddit's Data application programming interface, or API, "which provides real-time, structured, and unique content from Reddit," according to a release. Google announced a similar partnership with Reddit in February, allowing the company to train its AI models, such as Gemini, on Reddit content via access to the platform's API.

Persons: Sam Altman, Robert Thomson, OpenAI, Reddit, Mira Murati, Murati Organizations: Economic, News Corp, Wednesday, Street, The New York Post, News, Google, Reddit Locations: Davos, Switzerland, OpenAI, The, OpenAI's

☆ Jim Cramer says soft Target quarter makes Walmart earnings look even better
▼ + stars: | 2024-05-22 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +1 min

Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Target : Shares were dropping 7% after the retailer on Wednesday reported a soft quarter and missed on earnings for the first time since November 2022. "It just wasn't as strong as the other guys," Jim Cramer said Wednesday. " Williams-Sonoma : The company behind Williams Sonoma, Pottery Barn, and West Elm delivered a huge quarter earnings beat on inline revenue. It's really a terrific situation," Cramer said.

Persons: Jim Cramer's, Jim Cramer, Sun Choe, Cramer, Anthro, Williams, Elm Organizations: CNBC, Club, Target, Walmart, Wall Street Journal, Toll, Urban, Urban Outfitters Locations: Sonoma, Williams Sonoma

☆ Fed Governor Waller wants 'several months' of good inflation data before lowering rates
▼ + stars: | 2024-05-21 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Christopher Waller, governor of the US Federal Reserve, during a Fed Listens event in Washington, D.C., on Friday, Sept. 23, 2022. Federal Reserve Governor Christopher Waller, citing a string of data showing that inflation appears to be easing, said Tuesday that he does not think further interest rate increases will be necessary. Yet Waller said he's not ready to back interest rate cuts. Markets have had to recalibrate their expectations for monetary policy this year. In the early months, futures markets traders priced in at least six rate cuts this year starting in March.

Persons: Christopher Waller, Waller, he's Organizations: US Federal Reserve, Washington , D.C, Federal, Peterson Institute for International Economics, Market, Labor Department Locations: Washington ,, Washington

☆ Don't feel bad for Gen Z and millennials — they'll work less and live longer, says Jamie Dimon
▼ + stars: | 2024-05-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

"I don't feel so bad for Gen Z and millennials," Dimon said, noting his grandparents were Greek immigrants who arrived in the US with nothing but "a shirt on their back." "They're going to be working probably 3.5 days a week. They're going to live to 100. They're going to be in pretty good shape, provided the world doesn't destroy it all with nuclear weapons, which is the biggest risk in the world." Related storiesDimon also emphasized that in the decades ahead, younger generations will inherit trillions of dollars and benefit from mammoth investments in healthcare, education, and other areas.

Persons: —, they've, Jamie Dimon, Dimon, They're, Gen Z, X Organizations: Service, Business, AlphaSense Locations: America

☆ Don't feel bad for Gen Z and millennials — they'll work less and live longer, Jamie Dimon says
▼ + stars: | 2024-05-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

"I don't feel so bad for Gen Z and millennials," Dimon said, adding that his grandparents were Greek immigrants who arrived in the US with nothing but "a shirt on their back." "They're going to be working probably 3.5 days a week. They're going to live to 100. They're going to be in pretty good shape, provided the world doesn't destroy it all with nuclear weapons, which is the biggest risk in the world." Related storiesDimon added that in the decades ahead, younger generations would inherit trillions of dollars and benefit from mammoth investments in healthcare, education, and other areas.

Persons: —, they've, Jamie Dimon, Dimon, They're, Gen, Xers — Organizations: Service, Business, AlphaSense Locations: America

☆ Microsoft's new PCs with AI is a 'thumbs up,' says WSJ's Joanna Stern
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMicrosoft's new PCs with AI is a 'thumbs up,' says WSJ's Joanna SternJoanna Stern, senior personal technology columnist at The Wall Street Journal, joins 'Squawk Box' to discuss Microsoft's new Surface devices with advanced AI capabilities, the latest technologies, and what will make the product competitive with Apple's.

Persons: Joanna Stern Joanna Stern Organizations: Wall Street, Apple's

☆ Jamie Dimon warns inflation and higher interest rates may linger — and people are running out of spare cash
▼ + stars: | 2024-05-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Related storiesDimon warned against dismissing inflation and elevated interest rates as temporary headwinds. "That's a different world for real estate. It's a different world for assets. It's a different world for private credit. In his shareholder letter this year, he called out market complacency toward the threats of inflation, interest rates, and recession.

Persons: —, Jamie Dimon, largesse, I'm, Dimon, Warren Buffett, there's, It's Organizations: Service, AlphaSense, Business, JPMorgan, Wall Locations: Ukraine, Gaza, Russia, China, It's

☆ Why I Quit Goldman Sachs' Rigid, Male-Dominated Culture
▼ + stars: | 2024-05-21 | by ( Lindsay Macmillan | ) www.businessinsider.com time to read: +11 min

The lack of female leadership in the financial industry is nothing new, but many companies have been making strides. But as I watch senior women continue their exodus from Goldman, I'm not sure the company actually wants to change. While many companies have modernized to embrace hybrid and remote work, Goldman has not. Rather than changing its "be in the office every day and grind it out" culture to better suit women, Goldman puts the onus on us to change ourselves to fit the model. But Goldman leadership seems to want the benefits of gender diversity without the hard work of supporting diverse leadership styles.

Persons: Goldman Sachs, —, Dina Powell McCormick, Beth Hammack, Stephanie Cohen, Goldman, I'd, It's, it's, Morgan Stanley, Jamie Dimon, David Solomon, I'm, hadn't, Julia Boorstin, — Goldman, I've, she's, Asahi Pompey, Yassaman Salas, Rebecca Anderton, Davies, Lindsay MacMillan Organizations: Street Journal, Goldman, Citi, JPMorgan, International Workplace, McKinsey, LinkedIn, CNBC, Deloitte, Asahi Locations: Canada, London, New York

☆ Wall Street advisors are flocking to this small law firm to claw back pay from wealth giants like Morgan Stanley and Merrill Lynch
▼ + stars: | 2024-05-21 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

For Ajamie LLP, a Houston law firm with 11 attorneys, taking on banks with billion-dollar war chests is becoming a booming business. This ruling was used by a lawyer on another case, Ohio-based Alan Rosca, to secure a $3 million judgment against Morgan Stanley on March 25. He said he has been contacted by advisors hailing from "really any financial firm that offers deferred compensation to financial advisors." During that suit, Ajamie was contacted by Matt Shafer, the lead plaintiff in the Morgan Stanley case. The Morgan Stanley suit inspired Kelly Milligan, now the named plaintiff in the Merrill Lynch class action, to reach out.

Persons: —, Jack Edwards, Edwards, Morgan Stanley, Morgan Stanley's, Alan Rosca, Merrill Lynch, Sen, Ted Cruz, Wells Fargo, Wells, Ajamie, Matt Shafer, Kelly Milligan, It's Organizations: Service, Ajamie LLP, Business, University of Virginia School of Law, Big Law, RBC Capital Markets, Financial Industry Regulatory Authority Locations: Houston, Ohio, Ajamie, Texas, Carolina

☆ Here's the pitch deck Footprint, a startup helping Wall Street verify customer identities, used to raise $13 million from VCs like QED and Index Ventures
▼ + stars: | 2024-05-21 | by ( Bianca Chan | ) www.businessinsider.com time to read: +1 min

Footprint is a startup that helps financial firms onboard customers and verify their identities. It raised $13 million in a Series A, announced today, that was led by QED Investors. Here's the pitch deck and 5-page memo that Footprint used to win over investors. AdvertisementA startup looking to be Wall Street's one-stop shop for onboarding new customers just raised $13 million. The round was led by QED Investors, and included investment from Index Ventures and Palm Tree Capital, among others.

Persons: —, Eli Wachs Organizations: QED Investors, Service, Business, Index Ventures, Tree

☆ RFK Jr. says he invested $24,000 in GameStop after brief meme stock revival
▼ + stars: | 2024-05-21 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Independent U.S. presidential candidate Robert F. Kennedy Jr. hikes in the Santa Monica Mountains in Los Angeles on March 18, 2024. "My administration will support the Ape retail rebellion and enact aggressive Wall Street reforms," Kennedy Jr. wrote in a social media post. The apes were motivated in part by a desire to buck bearish Wall Street analysts' grim assessments of the companies' long-term prospects. Kennedy Jr. is actively courting undecided voters with a fringe political brand that could appeal to some anti-establishment meme stock investors. Kennedy Jr. has made obscure statements about his investment record.

Persons: Robert F, Kennedy Jr, Joe Biden, Donald Trump, Kennedy, Trump's, Trump Organizations: Independent U.S, GameStop, AMC Locations: Santa Monica, Los Angeles, bitcoin

☆ Stocks making the biggest moves premarket: Macy's, Lowe's, Peloton, Zoom Video and more
▼ + stars: | 2024-05-21 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Macy's — The department store operator added about 3% after beating earnings estimates for the first quarter and raising its full-year outlook. AutoZone reported revenue of $4.24 billion while analysts polled by FactSet forecast $4.29 billion. XPeng — Shares gained 5% after the Chinese electric vehicle firm beat first-quarter estimates on the top and bottom line. The company reported revenue of 25.6 billion yuan, a 38.6% decrease from the fourth quarter of 2023. Zoom Video — Shares slipped nearly 3% even after the video conferencing company reported better-than-expected earnings and revenue for the first quarter.

Persons: Macy's, Lowe's, XPeng, Baird, David Koning, billings, Li Auto, Paul Lejuez, Wall, LSEG, — CNBC's Michelle Fox, Sarah Min, Jesse Pound Organizations: FactSet, Palo Alto Networks, —, Technologies, Lam Research, Citi Locations: Keysight

☆ FDIC chairman Martin Gruenberg to resign following investigations into sexual harassment at the bank regulator
▼ + stars: | 2024-05-21 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

The report also probed FDIC chairman Martin Gruenberg's strong temper. Staying in office would prevent FDIC vice chairman Travis Hill, a Republican, from becoming the agency's acting chairman. The White House said that President Joe Biden would soon nominate a new FDIC chairman and that it expects the Senate to move quickly to confirm the nominee. "I accept the findings of the reports and as chairman, I take full responsibility to anyone who has experienced sexual harassment, discrimination or other misconduct at the FDIC," Gruenberg said at the hearing. Investigators said they set up a hotline in mid-January and received more than 500 complaints — largely from current employees — about sexual harassment, discrimination, and other issues.

Persons: —, Martin Gruenberg's, Gruenberg, Travis Hill, Joe Biden, Cleary Gottlieb Steen, Hamilton Organizations: Service, Federal Deposit Insurance Corporation, Business, Democratic, Wall Street, Republican, Journal, Senate, FDIC

☆ Trump reports outraising Biden campaign in April, but Dems maintain cash advantage
▼ + stars: | 2024-05-21 | by ( Brian Schwartz | ) www.cnbc.com time to read: +2 min

Biden's political operation announced on Tuesday in a press release that the combined campaign, joint fundraising committees and the Democratic National Committee raised $51 million in April. Trump and the Republican National Committee recently announced they raised $76 million last month. Excluding any money from the RNC or any PACs, Trump's campaign committee reported raising $9.4 million in April. Biden's campaign committee raised $24.2 million in the same time period, according to new FEC filings released late Monday night. The event raised over $50 million shared between the Trump campaign, the RNC, his political action committee Save America and over a dozen state parties, according to the Trump campaign and the RNC.

Persons: Donald Trump, Joe Biden, Biden's, John Paulson's, Trump, Biden, Trump's Organizations: U.S, Republican, New, Democratic National Committee, Trump, Republican National Committee, Biden, Federal, Commission, RNC, Wall Street, White Locations: New Hampshire, Rochester , New Hampshire, U.S, New York, Florida, Manhattan

☆ Here's how Disney’s streaming business can work toward Netflix-like profitability
▼ + stars: | 2024-05-21 | by ( Paulina Likos | ) www.cnbc.com time to read: +14 min

Disney's streaming margins, while still negative due to losses and nowhere near Netflix's, have improved significantly in recent quarters and are now on the doorstep of an important milestone. Disney's streaming overview Disney+ is its flagship streaming service across the globe. The ARPU discrepancy on Disney+ core helps explain why Netflix is much more profitable than Disney's streaming business. Given that Disney's streaming business has rolled out pretty much everywhere across the globe, Cruetz said moving forward "it's about driving more penetration in those markets." The latest is a matchup with Disney and HBO's parent Warner Bros Discovery , whose flagship streaming service is called Max.

Persons: Bob Iger, Disney, Iger, Covid, Morgan Stanley, It's, That's, Cowen, Doug Creutz, Hulu's, Cowen's Cruetz, Brandon Nispel, Cruetz, TD Cowen, Max, Creutz, cannibalization, it's, KeyBanc's Nispel, Wells Fargo, Jim Cramer's, Jim Cramer, Jim, Presley Ann Organizations: Disney, Netflix, ESPN, Reliance Industries, Century Fox, CNBC, Comcast, Capital, Warner Bros Discovery, Getty Locations: Netflix's, Hulu, India, Malaysia, Philippines, Thailand, U.S, Canada, Europe, Africa, West Asia, Los Angeles

☆ Jenny Erpenbeck’s ‘Kairos’ Wins the International Booker Prize
▼ + stars: | 2024-05-21 | by ( Alex Marshall | ) www.nytimes.com time to read: +1 min

Jenny Erpenbeck’s “Kairos,” a novel about a torrid love affair in the final years of East Germany, won on Tuesday the International Booker Prize, the renowned award for fiction translated into English. Erpenbeck shares the award of 50,000 British pounds, about $63,500, with Michael Hofmann, who translated the book into English. The pair received the prize during a ceremony at the Tate Modern art museum in London. After receiving the award, the pair seemed lost for words. Erpenbeck thanked her family, and Hofmann thanked Erpenbeck: “I want to thank Jenny for her trust in me,” he said.

Persons: Jenny Erpenbeck’s “, ”, International Booker, Erpenbeck, Michael Hofmann, Hofmann, Jenny, “, ” Eleanor Wachtel, ” —, — Organizations: International, International Booker Prize, Tate Locations: East Germany, London

☆ America's highest-earning CEO was awarded a staggering $162 million last year — but there's a catch
▼ + stars: | 2024-05-21 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Broadcom boss Hock Tan is the highest-earning CEO in the US, per a Wall Street Journal analysis. But Tan has to fulfill certain criteria to get his full $162 million pay package. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAmerica's highest-paid CEO isn't Apple's Tim Cook, Tesla's Elon Musk, or Meta Platforms' Mark Zuckerberg — it's Broadcom's Hock Tan, The Wall Street Journal found in an analysis published this week. Tan was awarded $162 million in compensation last year, but it comes with a catch: he'll only receive the full amount if his company's stock hits a certain level by 2025, the WSJ said.

Persons: Hock Tan, Tan, Nikesh Arora, Steve Schwarzman, —, isn't, Tim Cook, Tesla's Elon, Mark Zuckerberg, Broadcom's Hock Tan Organizations: Broadcom, Palo Alto Networks, Service, Journal, Business

☆ Cramer looks at why enterprise and data tech companies are winning: 'Follow the money'
▼ + stars: | 2024-05-21 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Tuesday analyzed the current market action, pointing out the way consumer-focused companies are suffering while outfits that deal with data and have enterprise customers triumph. "Right now, you have to follow the money, and it's currently flowing to businesses that cater to other businesses and the ones that need to interrogate the data," he said. Cramer asserted that "the spigot from the tech titans to everything else" is endless and unavoidable, calling out the biggest names that have and interrogate data, including Amazon , Alphabet , Microsoft , Meta and Apple . But Cramer said this consumer weakness will not last forever and the money flow may shift once rates come down. "The good news about the limited consumer spending is that we don't have to declare it static," he said.

Persons: CNBC's Jim Cramer, Cramer, Wall Organizations: Depot, Companies, Microsoft, Meta, Apple

☆ Lowe's beats on earnings and revenue, even as consumers spend less on DIY projects
▼ + stars: | 2024-05-21 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Lowe's topped Wall Street's quarterly earnings and revenue expectations on Tuesday, even as do-it-youself customers bought fewer pricey items. It marked the fifth quarter in a row that Lowe's posted a year-over-year sales decline. Roughly half of Home Depot's sales come from pros compared to about 20% to 25% at Lowe's. Lowe's is lapping a year-ago quarter when the company slashed its full-year outlook and posted a year-over-year sales decline. For each of the three quarters since then, Lowe's sales have also dropped from the year-ago periods.

Persons: Lowe's, Marvin Ellison, Ellison Organizations: Home Depot, LSEG

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