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Omar Venerio
Omar Venerio
Articles (1574) 

Wall Street Down on Wednesday

Target reports 1st-quarter results

U.S. stocks were in negative territory on Wednesday as investors worried about the ongoing trade tensions between the U.S. and China. The Dow Jones Industrial Average fell 0.39% to 25,777, the S&P 500 index retreated 0.28% to 2,856 and the Nasdaq Composite Index declined 0.45% to 7,750.

Shares of Target Corp. (NYSE:TGT) jumped almost 8% on Wednesday after the company announced first-quarter results. Revenue grew 5.1% from the prior-year quarter to $17.63 billion, beating expectations by $140 million. Earnings of $1.53 per share topped estimates by 10 cents.

"Target had an outstanding first quarter, as our team delivered a great experience for our guests and drove strong growth in traffic, comparable sales, operating income and earnings per share," Chairman and CEO Brian Cornell said.

During the quarter, the operating income margin was 6.4%, up from 6.2% in the prior-year quarter. The gross margin was 29.6%, down from 29.8% a year ago and reflecting higher digital fulfillment and supply chain costs.

Looking ahead, the company expects second-quarter comparable sales growth in the low to mid-single-digit range. It also guided for earnings of $1.52 to $1.72 per share . For full-year 2019, it projects a low to mid-single-digit increase in comparable sales and adjusted earnings of $5.75 to $6.05 per share.

Gainers

Losers

Global markets

The main European stock markets were mixed. The U.K.'s FTSE 100 swelled 0.07%, France's CAC 40 slid 0.12%, Germany's Dax advanced 0.21% and Spain's IBEX 35 dipped 0.07%.

In Asia, Japan's Nikkei 225 gained 0.05%, India’s BSE Sensex rose 0.36%, Hong Kong's Hang Seng advanced 0.18% and China's Shanghai Composite fell 0.49%.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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