Home channel stocks rebound
Stock prices rebounded today in what is turning out to be one of the most volatile weeks on Wall Street in recent memory. Of the 20 major home channel stocks tracked by Home Channel News, 19 went up Thursday, after big losses all around on Wednesday.
Louisiana-Pacific was the biggest percentage gainer, up 10.81 percent to $10.15. Home Depot shares on the day increased $1.33 to $26.95, up 5.19 percent. Lowe’s shares gained $1.38 to $24.07, up 6.08 percent.
The Dow Jones Industrial Average rose 410 points to 11,019.69, an increase of 3.86 percent.
Home Depot to slash prices
Home Depot will start cutting prices this week on as many as 1,200 items — from trash bags to toilets — as it kicks off its latest effort to boost sales in a down economy, the Associated Press reported.
Prices will be cut from 5 percent to 50 percent on about one out of every 25 items in the store. Home Depot didn’t reveal what the average reduction will be, but said the discounts will start showing up in stores this week and will last at least through the next quarter.
“We’re trying to gain market share in the process,” said Craig Menear, Home Depot’s executive vp-merchandising. “Absolutely, we’re trying to drive sales and productivity.”
The marked-down items include energy-saving devices, such as insulation and thermostats, and “project starters,” such as paint and toilets that are the building blocks for do-it-yourself tasks.
Deck’s Hardware turns 100
Deck’s Hardware in Ambler, Pa., marking its 100th Anniversary this year, received a “resolution of recognition” from Mayor Bud Wahl on Sept. 16 at the Ambler Borough Council meeting, the Ambler Gazette reported.
The hardware store, still at its original location at 27 N. Main Street, was opened in 1908 by Garnett Deck, an accounting student who had been working at a nearby hardware store to pay for his education.
One hundred years later, Garnett Deck’s son, Dawson “Tiny” Deck, 81, still runs the store, along with his sons, Tyler, 49, and Timothy, 44.