Target Corp TGT shares are trading lower Tuesday, possibly in sympathy with Walmart Inc WMT, which reported worse-than-expected earnings results and cut guidance.
Walmart said first-quarter revenue increased 2.4% year-over-year to $141.6 billion, which beat the $138.88-billion estimate, according to data from Benzinga Pro. However, the company reported quarterly adjusted earnings of $1.30 per share, which missed the estimate of $1.48 per share.
Walmart also cut its second-quarter earnings guidance from a low to mid single-digit range. The company said it now expects earnings to be "flat to up slightly."
Target is scheduled to report its first-quarter earnings results before the market opens on Wednesday.
See Also: 24 Stocks Moving in Tuesday's Pre-Market Session
TGT Price Action: Target has traded between $184 and $268.98 over a 52-week period.
The stock was down 2.62% at $213.50 at time of publication.
Photo: courtesy of Target.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
