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- 1 Home Depot recently said they are investing in more security guards in stores.
- 2 HD stock reached $302 in pre-market at the publication time.
The retail industry is seeing a decline in consumer spending across the United States, becoming a major contributor to an economic slowdown. Home Depot (NYSE: HD), a multinational retail corporation, saw a minor correction on Tuesday after falling 0.54% last weekend. The correction appears in a continuum as HD stock was rising in the pre-market. It is currently changing hands at $302.11 (press time).
Home Depot Urges Users to Avoid Bogus Stock Sales
Home Depot urged the users in a press release on June 20, 2023 to stay away from bogus shares sales initiated by TRC Capital Investment Corporation (TRC Capital). The latter is offering an unsolicited ‘mini-tender’ for HD stock at a market price of $280, which is exceedingly lower than its current price. Additionally, the retail company has said they are not associated with TRC in any way.
The company recently emphasized on investing in more security guards in their stores. Rising retail crimes is becoming a sticky situation for the company. Petty thefts across various locations are affecting their profitability and workers’s safety. Last year, a couple of employees, Gary Rasor and Blake Mohs, lost their lives to a theft incident. So far, the company has not shut any of its stores due to such events.
This may pose a threat to HD stock too considering the situation has become alarming in the nation. According to a National Retail Survey conducted by National Retail Federation, the world’s largest retail trade association, 70% respondents say organized retail crimes have increased in the past few years.
HD Stock Price Performance
HD stock has remained volatile for over a year. A large descending triangle shows price broke the $310 barrier in November 2022 with resistance near $350. A plunge in the share value during February and March 2023 was corrected in April. The company shares have since maintained a consolidation between $302 and $280.
True strength indicator (TSI) is above the signal line, depicting a bullish scenario in the coming days. Meanwhile, woodies CCI indicates HD stock in an overbought zone, however, returning near zero, indicating a potential decline. Amid rising inflationary pressures, shoplifting cases involving retail stores are expected to be on the rise.
Cable News Network (CNN), a multinational news in Georgia, reported Target Corp (NYSE: TGT), an American retail corporation, was bracing for almost half a Billion loss due to this. Retail market in the U.S. reached $7 Trillion in 2022. New technologies could act like reliable henchmen to retail companies as customer experience and inventory visibility remain key areas to improve in terms of tech.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
