News Summary: Lowe's 3Q net income rises

Staff Writer
Columbus CEO

THE NEWS: Lowe's third-quarter net income increased 26 percent and the home-improvement retailer raised its outlook for the year as it gets a lift from the housing market's ongoing recovery. But its third quarter earnings and the earnings forecast both came in short of Wall Street's expectations.

THE CONTEXT: Home improvement companies have been benefiting from record-low interest rates and rising home prices, spurring customers to spend more to renovate their homes. But Lowe's Companies Inc. has lagged behind larger rival The Home Depot Inc. in its results.

D-I-Y PROJECTS: Flooring projects and upgrading kitchen appliances are becoming more popular as home prices increase.