Cramer's Watchlist: Target And Lowe's Rebound As Hertz Remains In The Red
Mixed earnings results led to some volatile movement Wednesday morning.
Jim Cramer noted a handful of stocks in pre-market session.
Below is a look at how stocks in Cramer's "watchlist" were performing heading into Wednesday's afternoon trading session.
— Jim Cramer (@jimcramer) August 20, 2014
Target (NYSE: TGT) Reports Q2 Results
Target reported its second-quarter results along with a lowered guidance. Target earned $0.78 per share in the second quarter, falling short of the $0.79 per share analysts were expecting.
Target's Canadian segment saw its comp sales lower by 11.4 percent on the quarter, while the Canadian segment's gross margin rate fell 1,320 basis points to 18.4 percent.
Target issued guidance for its full-year fiscal 2014 and expects EPS to be in a range of $3.10 to $3.30, lower than a previous guidance of $3.60 to $3.90.
Shares of Target were seen trading at $56.67 in the premarket session, but rallied to open the trading day at $58.50 and hit an intra-morning high of $60.33.
Lowe's (NYSE: LOW): From Red To Green
Lowe's reported second-quarter results Wednesday morning. The company earned $1.04 per share in the quarter, good for a $0.02 beat, while revenue of $16.6 billion came in $50 million more than expected. Lowe's guided its fiscal 2014 sales growth to be 4.5 percent. Meanwhile, comp sales are expected to rise by only 3.5 percent, a level that fell short of prior guidance.
Shares of Lowe's were trading lower by around 5 percent following the earnings report, but have since fully recovered and last traded at $51.68, up 0.3 percent.
Hertz (NYSE: HTZ): Full-Year Warning, Other Disclosures
Hertz Global announced that it expects its full-year 2014 results to be "well below the low end" of its guidance. Hertz singled out heavy vehicle recall activity, significantly higher than expected operating expenses in the United States and delays in the installation of ERP and counter systems as reasons for the warning.
Hertz's audit committee implored the company to conduct a review of its financial records dating back to fiscal 2011 and to disclose errors that may be found.
Shares of Hertz were trading as low as $25.50 in the premarket session but have since rebounded. Shares opened at $27.55 before rallying to an intra-morning high of $28.41; shares were last at $28.51, down 9.6 percent from Tuesday's close.
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