Shortly after the opening bell, we will be buying 30 shares of Home Depot at roughly $414.53. Following the trade, Jim Cramer's Charitable Trust will own 175 shares of Home Depot, increasing its weighting to about 2% from 1.66%. Home Depot reported a strong set of third-quarter results Tuesday. Companywide comparable sales declined 1.3%, much better than the 3.1% decline expected, according to FactSet. In the United States, comparable sales fell 1.
The fact that comparable sales were down by its smallest amount in nearly two years is a good sign that the business is bottoming and will inflect positively next year. Additional rate cuts from the Federal Reserve should unlock the significant pent-up demand for projects, which we expect management will talk about on the upcoming earnings call. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
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