Home Depot Inc. posted fourth- quarter profit that topped analysts’ estimates as shoppers spent more on projects and Hurricane Sandy repairs. The company also raised its dividend and approved a $17 billion share buyback.
U.S. stocks fell, giving benchmark indexes their biggest losses since November, as partial election results spurred concern about prospects for a stable government in Italy and a worsening of Europe’s debt crisis.
Lowe’s Cos., the second-largest U.S. home-improvement retailer, tumbled the most in six months after forecasting profit this year that trailed analysts’ estimates amid sales to clear slower-moving merchandise.
GMAC Inc. , the U.S.-controlled auto and home lender, is close to naming a chief financial officer and has considered appointing Barbara Yastine , the former CFO for investment banking at Credit Suisse Group AG and Citigroup Inc., according to three people with knowledge of the search.
Lowe’s Cos. is raising $2 billion in the bond market to finance stock repurchases as the second- biggest U.S. home-improvement retailer boosts leverage to reward shareholders even as its profitability wanes.
Americans looked past the debate on fiscal policy in November as consumer spending and demand for durable goods climbed, indicating the economy strengthened heading into the current impasse on tax rates and spending cuts.