Market Overview

Thursday's Market Minute: Right On Target

Share:
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. Amazon.com, 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).

Information from TDA is not intended to be investment advice or construed as a recommendation or endorsement of any particular investment or investment strategy, and is for illustrative purposes only. Be sure to understand all risks involved with each strategy, including commission costs, before attempting to place any trade.

Image Sourced from Google

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

 

Related Articles (AMZN + DKS)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

TerrAscend Reports Q2 Revenue Growth, Raises Guidance

Benzinga's Top Upgrades, Downgrades For August 22, 2019