Heavy Volume & Declines for Home Depot and Visa (NYSE:HD),(NYSE:V)
Stocks exhibiting price losses on heavy volume today include The Home Depot, Inc. (NYSE:HD) and Visa Inc. (NYSE:V). Read on for more information.
The Home Depot, Inc. (NYSE:HD) dropped -$0.86/-2.42% at last check to $34.73 while 45M shares traded, which is almost 3X the average daily volume. Even the company posted a profit, it seems the broad market and Europe worries continue to drag it down. The AP said: Customers returned to Home Depot Inc. in its fiscal first quarter, boosting the home improvement super store chain's profit and raising a key performance measure for the first time since 2005, the company said Tuesday. The results come after years of efforts to improve customer service at Home Depot, tweak its merchandise assortment and win back customers who fled for competitors. "Are we back? We still have lots of opportunities," CFO Carol Tome told The Associated Press during an interview. "But are we better? We're much better." So much better that revenue in U.S. stores open at least a year rose 3.3 percent. It was the first gain since 2005's fourth quarter for that figure, considered key for retailers because it isn't skewed by results from stores that opened or closed during the year. – More from the AP at Yahoo
Meanwhile, shares of Visa Inc. (NYSE:V) have been in a near freefall, last checking in at $70.04 (-$4.67/-6.25%). A massive 7X average daily volume has traded (44M vs. 6M shares) marking a pretty significant statement by investors. Minyanville reports that the swipe fees for both Visa and MasterCard are crushing the stocks. Minyanville says: The selling is reaching proportions that might be as large and fast as what we saw in the nadirs of 2008 and 2009. I just increased my Visa (V) stake into the teeth of the selling. I think it's fallen too far too fast, for a mega-industry leader. Moreover, a resolution that put swipe fees in the hands of the Fed could just as likely leave the current fees steady or with little change lower. In fact, comparing card fees to check clearing fees -- might it prove that these fees are too low? Point is, the rate on exchange hadn't changed at all yet while the prices of Visa and MasterCard (MA) are in free fall. The instantaneous assumption that these fees are "too high and unfair" is probably far from a foregone conclusion. – More at Minyanville
Good luck to investors on another tough market day for bulls.