Home Depot (HD) turned in some ugly results for the latest quarter. And forecasts were at the low end of Wall St.’s range. The company reported first quarter net earnings of $1.0 billion, or $0.53 per diluted share, compared with $1.5 billion, or $0.70 per diluted share, in the same period in fiscal 2006. Sales were flat at $21.6 billion.

Same store sales fell 7.6%. HD said "Based on first quarter performance, the Company now believes it will be at the low end of its earnings per share guidance for the year."

At $39, the stock trades in the middle of its 52-week price range.

It may not stay there for long.

Douglas A. McIntyre