Market Overview

Thursday's Market Minute: Right On Target

Thursday's Market Minute: Right On Target

Cue Alanis Morissette: isn’t it ironic that the company with possibly the most to lose at the hands of Amazon and the e-commerce wave saw its biggest ever one-day gain in shares yesterday?

After reporting earnings before market open Wednesday, Target shares closed on the day up 20.4%. The company reported strong earnings, sure: it beat on both the top and bottom line, posted year-over-year comparable sales of 3.4% that continued to show strength in digital sales, and boosted its full-year guidance. But where was the impetus that drove the historic move higher?

Maybe it’s the company’s dogged persistence to come out on top of the Amazon Wars., Inc. (NASDAQ: AMZN) gets Whole Foods, Target Corporation (NYSE: TGT) launches a new grocery brand and expands same-day shipping options through Shipt. In fact, those same-day fulfillment services accounted for nearly 1.5% of overall comp sales growth. It’s clear that changes the company has been making over the past year are paying off. Target shares are likely to settle a bit after such a move, but analyst actions rolling in this morning reiterate faith in future moves to the upside.

Retail earnings still to come this week are Dick’s Sporting Goods Inc (NYSE: DKS), Ross Stores, Inc. (NASDAQ: ROST), and the Gap Inc. (NYSE: GPS).

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Posted-In: Dick's Sporting Goods Inc Ross TD AmeritradeEarnings News Retail Sales Markets General Best of Benzinga