Target Corp. (NYSE:TGT) reached a record high after raising its F-Y (full-year) outlook again on strong sales and profitability, providing a safe haven after several retailers unnerved investors.
The stock, the best performer in the S&P 500 Index Wednesday, had already soared 68% this year through Tuesday.
Target raised its F-Y earnings forecast Wednesday, signaling a strong holiday season as the retailer benefits from its investments in same-day delivery services and store revamps, sending its shares up 9%.
Shares of Target (TGT 126.43, +15.58, +14.1%) climbed 14% after the company impressed investors with its stellar results and upbeat guidance.
Lowe’s (LOW 117.83, +4.43, +3.9%) also beat earnings estimates and raised its F-Y 2020 EPS guidance.
HeffX-LTN’s technical outlook for TGT is overall Bullish to Very Bullish in here.
Wednesday, the S&P 500 declined as much as 0.9% after Reuters reported that a Phase 1 trade deal may not get completed this year.
Stocks cut losses throughout the afternoon, leaving the benchmark index down 0.4% for the session with comparable to the losses in the DJIA (-0.4%), Nasdaq Composite (-0.5%), and Russell 2000 (-0.4%)
Wednesday, the major US stock market indexes finished at:
DJIA -112.93 at 27821.00, NAS Comp -43.93 at 8526.73, S&P 500 -11.72 at 3108.46
Volume: Trade on the NYSE came in at 1.1-B/shares exchanged
- NAS Comp +28.5% YTD
- S&P 500 +24.0% YTD
- DJIA +19.3% YTD
- Russell 2000 +18.0% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish to Very Bullish in here.
Thursday, investors will receive the weekly Initial and Continuing Claims report, the Philadelphia Fed Index for November, Existing Home Sales for October, and the Conference Board’s Leading Economic Index for October.