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 CHARLOTTE, N.C. (AP) - Profit at Lowe's Cos. fell 11.5 percent in the fourth quarter but beat analysts' expectations, and investors Friday rewarded the home improvement retailer. Wall Street sent shares of the nation's second-largest home improvement chain higher. In fact, some analysts made bets Friday that Lowe's might have borne the worst of a slowdown from the slumping housing sector.
"Yes, it does appear that the worst is behind them," said Stephanie Hoff, senior retail analyst with Edward Jones. "I think the question going forward though is how rapidly can we travel down that road to recovery. I am a little surprised at the strength in the stock today."
Lowe's shares rose $1.30, or 3.9 percent, to close at $34.93 on the New York Stock Exchange after reaching a 52-week high of $35.74 earlier in the session.
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