Lowe's Shares Rally on Strong Outlook and Earnings Beat

Shares of home improvement retailer Lowe's Cos. Inc (LOW) rallied on its higher outlook and strong third quarter results on Wednesday, making it TheStreet's Move of the Day. For its third quarter, the company reported a profit and revenue that topped analysts' estimates. The second largest U.S. home retailer raised its full year profit and sales forecast following its earnings beat, as home owners boosted spending on renovations. The company upped its earnings outlook for the full year as well as its estimates for same-store sales. Earnings for home improvement retailers including Lowe's and Home Depot (HD) were hurt earlier this year by bad weather and rising mortgage rates, but home builder confidence has shown improvement.