HD News & Events

Home Depot (HD) announced that Dr. Franziska "Fran" Bell has been named executive vice president and chief technology officer, effective April 6. As CTO, she will lead the strategy, development and alignment of technology, product management, data and artificial intelligence for The Home Depot. Most recently, Bell led AI transformation as chief data, AI and analytics officer for Ford Motor Company (F).

Jefferies says the announced acquisition of Mingledorff's expands Home Depot's and SRS Distribution's aggregate TAM by $100B and provides a solid foundation for future growth in the HVAC distribution vertical. The firm continues to believe Home Depot's consolidation of the building products distribution landscape will support long-term earnings power. Jefferies reiterates a Buy rating on the shares.

Shares of Watsco (WSO) are underperforming on Tuesday on competition concerns after Home Depot (HD) announced that its SRS Distribution unit had agreed to acquire Mingledorff's for an undisclosed amount. The latter is a wholesale distributor of heating, ventilation and air conditioning Equipment, Parts and supplies. Watsco shares are down roughly 10% to $347.46 in morning trading.