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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Crimson Ghost who wrote (14788)	6/2/2004 9:57:02 AM
From: russwinter	Read Replies (2) of 110194

Comments from BAC on HD: lower traffic, higher sales tickets. Duh, inflation! Banc of America Securities downgraded Home Depot (nyse: HD - news - people ) to "neutral" from "buy," saying there was no catalyst to raise the target price and it has growing concerns about the gap between foot traffic and sales of high ticket items. Recent comparative sales have been heavily weighted towards high ticket items as traffic has flattened out, Banc of America said, adding that the spike in high ticket items looks a lot like 1994 and 1999--just prior to deteriorating fundamentals and severe underperformance. Banc of America said that in recent quarters comparative sales at both Home Depot and Lowe's (nyse: LOW - news - people ), which is also rated at "neutral," have been heavily weighted towards average ticket but comparative traffic (comparative sales less ticket growth) have been light at both.

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