Home Depot Hit by R.E. Slump

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Good morning, unless you are a Home Depot executive, in which case it is not such a nice day. The company today cut its earnings guidance for 2007, blaming the housing slump. Chief Financial Officer Carol Tome observed, ‘We expect the housing market to remain challenging for the rest of 2007 and into 2008....’

Sears, which like Home Depot is vulnerable to fluctuations in the home improvement business, also warned investors of disappointing earnings.

Photo Credit: HomeDepot.com