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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
Dow ends with 200-point gain after Fed minutes
U.S. stocks ended higher on Wednesday after the minutes from the Federal Reserve's July meeting showed the U.S. central bank wanted to retain flexibility during future policy decisions. The S&P 500 rose 0.8% to end around 2,924. The Dow Jones Industrial Average climbed 241 points, or 0.9%, to finish around 26,204, based on preliminary numbers. The Nasdaq Composite was up 0.9% to end near 8,020. The minutes showed that the Fed did not view July's rate move as the beginning of a series of cuts, and that they would take a meeting by meeting approach when deciding on further interest rate changes. In company news, shares of Target hit a record on Wednesday after it raised its earnings outlook. Strong retail earnings from retailers including Lowe's and Home Depot this week helped to buoy risk assets and offset worries that the U.S. economy was slowing sharply.

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.


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