Home Depot (HD | Quote | Chart | News | PowerRating) is due to report Q1 results before the bell on Tuesday, May 20, and analysts polled by Thomson Financial are expecting earnings of $0.37 per share on revenue of $17.6 billion.

Home Depot is one to watch between the sessions due to its strong trading pattern. The stock has settled into a narrowing trend between the sessions, cutting back or reversing course in the following regular sessions after 11 of the last 13 pre-market earnings events we've tracked. In the near-term, the stock is maintaining the narrowing pattern, cutting back its extended-hours performance in the last seven consecutive earnings events.

On Feb. 26, 2008, the stock fell 1.6% during pre-market trading after HD misses with Q4 results and offers disappointing guidance. The stock reversed to close regular trading up 0.03%.

On Nov. 13, 2007, HD declined 1.9% in pre-market trade after missing Q3 expectations. It turned from the red in the regular session and ended the day with a 2.3% gain.

On Aug. 14, 2007, HD declined 0.3% in pre-market trade despite topping Q2 expectations. It cut its downside and firmed to the flatline in that day's regular session.

On May 15, 2007, the stock dropped 2.6% in the pre-market hours after HD reported shy of the Street view with Q1 results and guided for FY at lower end of previous range. The share loss was pared to 1.8% by the closing bell.

On Feb. 20, 2007, HD shed 1.7% in pre-market trade after the company reported Q4 sales below Street expectations. It cut back that downside in the Feb. 20 regular session, ending the day down a slim 0.2%.

On Nov. 14, 2006, HD slipped 1.3% in pre-market trade after the company reported improved year-over-year results, but the numbers were still shy of expectations. The downside was turned around in that day's regular session, and HD closed the day with a strong 4.3% rise.

On Aug. 15, 2006, HD gained 3.8% in pre-market trade after the company beat Q2 expectations and forecast it anticipates meeting the low end of full year guidance range. The gain was knocked back a bit in the regular session as HD ended the day up 3.5%.

On May 16, 2006, HD declined 2.5% in pre-market trade after beating on earnings and posting revenue about in line with expectations. The stock added to its downside between the bells, ending the day down 5%.

On Feb. 21, 2006, HD jumped 2.6% in pre-market trade after the company topped Street expectations. This healthy gain failed to maintain support into the regular session as HD ultimately ended that day's regular session up a mere 0.2%.

On Nov. 15, 2005, HD advanced 1.1% in pre-market trade after the company beat Q3 expectations and raised its growth guidance. Those pre-bell gains evaporated in the regular session as HD ended the day down 0.4%.

On Aug. 16, 2005, HD dipped 0.4% in pre-market trading despite topping Q3 expectations and raising earnings growth guidance. It widened its loss in the subsequent regular session, slipping 2.2%.

HD gained 4.3% on the morning of May 17, 2005, after topping Street EPS expectations but missing sales forecasts, and reaffirming its 2005 growth guidance. It narrowed its gain in the same-day regular session, climbing 4%.

On Nov. 16, 2004, HD edged up 0.7% in pre-market trading after topping the Q3 Street view and raising earnings growth guidance. It reversed course in the subsequent regular session, slipping 1.8%.

Brooks McFeely is widely regarded as the leading expert on extended-hours trading. He is a Managing Partner for Brochet Capital Partners, LP and the founder of Midnight Trader, Inc. (www.midnighttrader.com), the leading provider of pre-market and after-hours trading analysis and news to retail and institutional investors.