Shares of Lowe’s Companies, Inc. LOW are trading lower Tuesday afternoon. This decline comes as part of a broader sell-off in building-related stocks, prompted by Pool Corporation‘s POOL revised earnings guidance for 2024.

What’s Happening: Pool Corporation, the world’s largest wholesale distributor of swimming pool and related backyard products, has significantly revised its 2024 earnings forecast due to a challenging macroeconomic environment. The company now expects a 15% to 20% drop in new pool construction and remodeling activity for the year.

Impact On Lowe’s: As a major supplier of home improvement and building materials, Lowe’s is feeling the ripple effects of Pool Corp’s guidance cut. The reduced discretionary spending on big-ticket items like swimming pools and outdoor living projects has raised concerns about potential declines in sales for related home improvement products.

LOW Price Action: Lowe shares were down by 4.76% at $217.5 at the time of writing, according to Benzinga Pro.

See Also: Pool Lowers FY24 EPS Forecast, Joins SolarEdge Technologies, Spirit AeroSystems And Other Big Stocks Moving Lower In Tuesday’s Pre-Market Session

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