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MarketWatch MarketPulseAug 21, 2019
Target's stock surges toward record high after profit and sales beats, raised guidance
Shares of Target Corp. shot up 7.8% toward a record high in premarket trading Wednesday, after the discount retail giant reported fiscal second-quarter earnings and sales that beat expectations, and raised its full-year profit outlook. Net income for the quarter to Aug. 3 rose to $938 million, or $1.82 a share, from $799 million, or $1.49 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share of $1.82 was above the FactSet consensus of $1.62. Total revenue grew 3.6% to $18.42 billion, topping the FactSet consensus of $18.29 billion, as digital channel sales grew 34%. Same-store sales rose 3.4%, beating the FactSet consensus of 3.0% growth, as traffic increased 2.4%. Looking ahead, Target expects third-quarter same-store sales growth of 3.4%, above the FactSet consensus for a 2.9% rise. The fiscal 2019 adjusted EPS guidance range was lifted to $5.90 to $6.20 from $5.75 to $6.05. The stock has rallied 29.4% year to date through Tuesday, while the SPDR S&P Retail ETF has lost 5.5% and the S&P 500 has hiked up 15.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 21, 2019
The yield curve inverted again--but don't get too excited--it isn't anymore meaningful than it was a week ago
The bond market signaled a recession--again. For the second time in a week, the closely watched 2-year Treasury note rate rose above its longer-term counterpart in the 10-year Treasury note , representing an inversion of the bond-market yield curve. Yields inverted almost exactly a week ago and investors have grown increasingly anxious about the gauge, which has preceded the past seven recessions. However, Wednesday's inversion isn't anymore alarming than it was a week ago. The yield curve is a line plotting out yields across maturities. Typically, it slopes upward, with investors demanding more compensation to hold a note or bond for a longer period given the risk of inflation and other uncertainties. But, a legitimately inverted yield curve, for many needs to remain in force for a lengthier period than a day or days before it truly indicates a coming recession. On top of that, the inversion needs to be deeper than a few basis points. And even if the yield curve inverted late Wednesday, it wouldn't be any more meaningful at pointing to an imminent recession than it was last week. From 1956, past recessions have started on average around 15 months after an inversion of the 2-year/10-year spread occurred, according to Bank of America Merrill Lynch. This most recent inversion came after minutes from the Federal Reserves July 30-31 meeting showed that Fed members believed that "it was important to maintain optionality in setting policy, perhaps indicating to some industry watchers that policymakers weren't yet ready to communicate an aggressive path of rate cuts ahead. Meanwhile, the Dow Jones Industrial Average finished Wednesday's trade up 240 points, or 0.9%, at 26,202, the S&P 500 index advanced 0.8% at 2,924, while the Nasdaq Composite Index closed 0.9% higher at 8,020.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Reuters BusinessAug 21, 2019
Global stocks lead risk rally ahead of Fed minutes
A global equities gauge rose on Wednesday for a third day in four as bets on more economic stimulus overcame, for now, worries over the rising prospect of a global recession.
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