Stock Market Today: NASDAQ Falls Further
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Why Target (TGT) Stock Is Falling Today
What Happened? Shares of general merchandise retailer Target (NYSE:TGT) fell 7.6% in the afternoon session after the company reported mixed second quarter earnings. Traffic to its stores fell and gross margin slightly missed.
Target reported yet another quarter of weak financial results, with comparable sales down 1.9%, and the cheap-chic retailer reaffirmed its expectation that sales will decline by a low single-digit percentage this year,
The stock market dipped on Wednesday, driven by a decline in tech stocks and Target announcing the appointment of a new CEO
Target also reiterated fiscal-year guidance. It continues to expect a low-single digit decline in sales, while adjusted earnings per share will range from $7 to $9. Consensus estimates call for a roughly 1.5% drop in sales and adjusted earnings of $7.28 a share.
U.S. stock futures were slightly below the flatline on Thursday following Wednesday’s mixed close. Futures of major benchmark indices were lower. The three-day Jackson Hole Economic Policy Symposium begins today,
Shares in Target sank after the retailer reported its 11th straight quarter of flat or falling sales, and said Chief Operating Officer Michael Fiddelke will become its next chief executive. Target stock dropped more than 10% in premarket trading,
Target names a new CEO and posts quarterly earnings that beat analysts’ forecasts, while Palantir extends losses into a sixth-straight session.
Target Corp. named veteran Michael Fiddelke as its next chief executive officer, betting that the insider will revive the storied retailer struggling with weak sales.
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