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. (TGT, Financial) 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
- Regeneron Pharmaceuticals Inc. (REGN, Financial)
- FLIR Systems Inc. (FLIR, Financial)
- Advance Auto Parts Inc. (AAP, Financial)
- Hasbro Inc. (HAS, Financial)
Losers
- Lowe's Companies Inc. (LOW, Financial)
- Qualcomm Inc. (QCOM, Financial)
- Devon Energy Corp. (DVN, Financial)”‹
- L Brands Inc. (LB, Financial)”‹
- General Motors Co. (GM, Financial)
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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