News Summary: Home Depot's 3Q results rise

Home Depot's 3rd-quarter results rise on glimmers of housing recovery, storm sales

Associated Press

THE NEWS: Home Depot's net income rose slightly in the third-quarter, as glimmers of a housing market recovery and the preparation and ongoing recovery efforts from Superstorm Sandy added to sales.

THE CONTEXT: Home improvement retailers have been suffering in the weak housing market. But that could be changing. Strong sales, active builders, rising prices and low interest rates all point to a market on the mend. Superstorm Sandy also spurred sales, but executives were cautious about forecasting any impact on sales.

WHAT'S NEXT: Home Depot expects the good times to continue. The company raised its guidance for both the fourth quarter and the year.

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