Lowe’s shares gain the most in a week on Thursday, company to reduce workforce by “less than 1 percent”

According to a person with knowledge of the matter, cited by CNBC, Lowe’s Companies Inc is expected to reduce its workforce by “less than 1 percent” in the near future. The media also reported that the home improvement chain was to introduce changes to its store staffing model and to rearrange the roles and responsibilities of some personnel.

Lowe’s Companies Inc shares recorded their largest daily surge since January 4th on Thursday, while also marking their fourth consecutive session of gains. The stock went up 0.45% ($0.32) to $71.58, with the daily high and the daily low being at $71.64 and $70.80 respectively. In the week ended on January 8th the shares of the home improvement chain lost 0.24% of their market value compared to a week ago, which marked a fourth straight period of decline. However, the stock has extended its advance to 0.65% so far during the current month, following a 0.81% increase in December. The latter has been a second consecutive monthly gain, but yet, the smallest one since April 2016. For the entire 2016, Lowe’s Companies Inc shares retreated 6.47%.

“While we have no announcements to share, we continually evaluate our staffing model to ensure we have the resources in place to serve customers evolving expectations and their home improvement needs”, Lowes said in a statement, quoted by CNBC.

As of January 29th 2016, 180 000 employees were working full-time and 90 000 persons were in part-time employment with the company.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Lowes stock are presented as follows:

R1 – $71.66
R2 – $71.73
R3 (Range Resistance – Sell) – $71.81
R4 (Long Breakout) – $72.04
R5 (Breakout Target 1) – $72.31
R6 (Breakout Target 2) – $72.43

S1 – $71.50
S2 – $71.43
S3 (Range Support – Buy) – $71.35
S4 (Short Breakout) – $71.12
S5 (Breakout Target 1) – $70.85
S6 (Breakout Target 2) – $70.73

By using the traditional method of calculation, the weekly levels of importance for Lowe’s Companies Inc (LOW) are presented as follows:

Central Pivot Point – $71.22
R1 – $71.96
R2 – $72.96
R3 – $73.70
R4 – $74.43

S1 – $70.22
S2 – $69.48
S3 – $68.48
S4 – $67.47