Lowe's Follows Leader

Updated from 7:36 a.m. EST

The weak housing market continues to weigh on Lowe's(LOW Quote), which followed the tracks of larger rival Home Depot (HD Quote) in cutting its guidance for the full year as it battles lower demand for home-related goods.

The nation's No. 2 home improvement chain did manage to post third-quarter earnings that beat forecasts, though its sales missed estimates.

The lowered guidance wasn't a complete surprise, as Lowe's had warned in September that full-year earnings would be near the low end of its prior forecasts. Investors, expecting worse, sent shares higher Monday. The stock recently was up 45 cents, or 1.5%, to $30.93. ...