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EQUITIES: Interesting that both Home Depot and Kohls appear to be blaming their
lower guidance on investments - not on weakness of the US consumer:
- Home Depot: "sales were below our expectations driven by the timing of certain
benefits associated with our One Home Depot strategic investments"
- Kohls: "[We] are strategically increasing our investments to take advantage of
the unique opportunity to fuel growth and customer acquisition. We believe that
investing in the short-term will support our strategies to drive profitable
growth over the long-term"