最新ニュース Target (NYSE:TGT) 株価情報

Target

Target serves as the nation's seventh-largest retailer, with its strategy predicated on delivering a gratifying in-store shopping experience and a wide product assortment of trendy apparel, home goods, and household essentials at competitive prices. Target's upscale and stylish image began to carry national merit in the 1990s-a decade in which the brand saw its top line grow threefold to almost $30 billion-and has since cemented itself as a leading US retailer. Today, Target operates over 1,950 stores in the United States, generates over $100 billion in sales, and fulfills over 2 billion customer orders annually. The firm's vast physical footprint is typically concentrated in urban and suburban markets as the firm seeks to attract a more affluent consumer base.

Target Corp

TARGETED MICRO SOL ORD by Targeted Microwave Solutions Inc.

Targeted Microwave Solutions Inc

TG Therapeutics Inc

Telsey Advisory Group analyst Joseph Feldman maintains Target (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) with a Outperform and lowers the price target from $195 to $150.

News

Price Target

Analyst Ratings

Telsey Advisory Group Maintains Outperform on Target, Lowers Price Target to $150

With more than a week of deals planned across the entire assortment, Target will offer some of its lowest prices of the season on thousands of items, including up to 50% off tech, apparel, video games, board games, small appliances, luggage, holiday trees and other must-have items for gifting and gathering.

Target Reveals Its Lineup Of Black Friday Deals Available Now Through Nov. 30 Online And In Its Stores

Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) and Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) released their September quarter results just a day apart. Target&#8217;s management highlighted that its customers were most active during sales and promotional events, while Walmart&#8217;s leadership attributed 75% of its market share growth to households earning six-figure incomes.
Target&#8217;s executive vice president and chief commercial officer company Rick Gomez said that their consumers &#8220;know there are deals to be found, they&#8217;re willing to wait for sales and willing to search across multiple retailers.&#8221; While the latter&#8217;s chief executive officer, Doug McMillon attributed <a href="https://www.benzinga.com/news/earnings/earnings-beats/24/11/42085839/us-retail-giant-walmarts-growth-is-fueled-by-75-of-its-customers-earning-in-six-figures-ceo-doug-mcmillon-explains">75% of their market share gains</a> to "households earning more than $100,000."
Also read: <a href="https://www.benzinga.com/news/earnings/earnings-beats/24/11/42085839/us-retail-giant-walmarts-growth-is-fueled-by-75-of-its-customers-earning-in-six-figures-ceo-doug-mcmillon-explains">Walmart Market Share Surges As Six-Figure Income Households Drive 75% Of Growth In Q3: &#8216;People Come To Us To Shop As A Primary Destination&#8217;</a>
What Happened: Gomez highlighted that Target&#8217;s consumers were looking for promotions with an example. &#8220;Our Target Circle week this quarter was one of our biggest yet. However, we saw a more pronounced sales dip both the week before and the week after the event, showing just how planful consumers are in seeking out promotions when they shop.&#8221;
&#8220;Similarly, we saw consumers lean into everyday essential stock-up promotions throughout the quarter to further stretch their monthly budgets. We saw a strong reaction to promotions throughout the quarter,&#8221; he added.
On the flip side, John David Rainey the chief financial officer of Walmart re-affirmed his CEO&#8217;s view and said, &#8220;we're seeing higher engagement across income cohorts with upper-income households continuing to account for the majority of our share gains.&#8221;
Why It Matters: Shares of Target Corporation plunged by 21.41% to close at $121.72 apiece, on Wednesday, as compared to a 0.16% advance in the NYSE Composite Index. <a href="https://www.benzinga.com/news/earnings/24/11/42085436/target-q3-earnings-supply-chain-chaos-hits-bottomline-slashes-annual-profit-outlook-stock-tanks">Target&#8217;s third-quarter</a> adjusted earnings per share of $1.85, missed the street view of $2.30. Quarterly total revenue of $25.67 billion (+1.1% year over year) missed the analyst consensus estimate of $25.90 billion.
Brian Cornell, chair and chief executive officer of Target said, "We encountered some unique challenges and cost pressures that impacted our bottom-line performance.&#8221; The third-quarter gross margin rate decreased by 0.2 percentage points to 27.2%.
Also read: <a href="https://www.benzinga.com/news/earnings/24/11/42085436/target-q3-earnings-supply-chain-chaos-hits-bottomline-slashes-annual-profit-outlook-stock-tanks">Target Q3 Earnings: Supply Chain Chaos Hits Bottomline, Slashes Annual Profit Outlook, Stock Tanks</a>
On Tuesday, <a href="https://www.benzinga.com/pressreleases/24/11/b42058916/walmart-reports-strong-revenue-growth-of-5-5-with-operating-income-growing-faster-at-8-2">Walmart&#8217;s third-quarter results</a> beat estimates and the fiscal 2025 guidance was raised. Its shares rose 3% on Tuesday, while it was further up by 0.67% to $87.18 apiece as per Wednesday&#8217;s close.
Walmart&#8217;s ales were at $169.59 billion, up 5.5% year over year or 6.2% (at constant currency), beating the consensus of $167.72 billion. The gross margin rate was up 21 bps to 24.2% aided by improvement in the Walmart U.S. Operating income was up by $0.5 billion or 8.2% year over year at $6.7 billion.
Price Action: On a year-to-date basis, Walmart has surged by 64.19%, while Target is down by 14.94%, according to <a href="http://pro.benzinga.com">Benzinga Pro</a> data. The NYSE Composite Index was up 17.26% in the same period. In Thursday&#8217;s premarket, TGT shares were up 0.5%. 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="272" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21041932/Walmart-vs-TGT-1024x272.png" alt="" class="wp-image-658433" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21041932/Walmart-vs-TGT-1024x272.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21041932/Walmart-vs-TGT-300x80.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21041932/Walmart-vs-TGT-768x204.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21041932/Walmart-vs-TGT-1536x408.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21041932/Walmart-vs-TGT.png 1741w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read next: <a href="https://www.benzinga.com/24/11/42103600/us-dollar-may-test-10860-level-as-geopolitical-tensions-cautious-fed-rhetoric-and-solid-us-economic-data-may-push-the-greenback-higher-says-expert">Dollar Upside On The Cards Amid Geopolitical Tensions, Cautious Fed And Solid US Economic Data, Says Expert</a>
Image via Flickr/ Mike Mozart

Earnings Beats

Earnings Misses

Equities

Markets

General

Target Says Shoppers Wait For 'Deals' A Day After Rival Walmart Credits Market Gains To Wealthy Households: TGT Edges Up Marginally In Thursday Premarket

The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, while the index remained in the &#8220;Neutral&#8221; zone on Wednesday.
U.S. stocks settled mixed on Wednesday, with the Dow Jones index gaining more than 100 points during the session.
Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) shares fell more than 21% on Wednesday after the company reported downbeat results for the third quarter and lowered its FY24 outlook. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) posted upbeat earnings and sales results, after the closing bell on Wednesday.
On the economic data front, mortgage applications in the U.S. rose 1.7% from the previous week in the week ending Nov. 15, compared to a 0.5% gain in the prior period.
Most sectors on the S&amp;P 500 closed on a positive note, with healthcare, energy, and materials stocks recording the biggest gains on Wednesday. However, consumer discretionary and financials stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 140 points to 43,408.47 on Wednesday. The S&amp;P 500 rose 0.01% to 5,917.11, while the Nasdaq Composite fell 0.11% at 18,966.14 during Wednesday's session.
Investors are awaiting earnings results from Deere &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>), BJ&#8217;s Wholesale Club Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>), and Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 50.8, the index remained in the &#8220;Neutral&#8221; zone on Wednesday, versus a prior reading of 49.9.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/11/42094434/top-3-consumer-stocks-that-are-ticking-portfolio-bombs">Top 3 Consumer Stocks That Are Ticking Portfolio Bombs</a></li>
</ul>
Photo courtesy: Shutterstock

Earnings

Pre-Market Outlook

Trading Ideas

INTU

NVDA

Dow Gains Over 100 Points, Nvidia Posts Upbeat Earnings After Closing Bell: Fear & Greed Index Remains In 'Neutral' Zone

Investors were treated to quite the pair trade on Wednesday when shares of big box retailer Target Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) sunk while shares of home furnishing retailer Williams-Sonoma, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSM#NYSE">WSM</a>) rocketed <a href="https://www.benzinga.com/news/buybacks/24/11/42091624/williams-sonoma-shares-spike-on-heels-of-earnings-report-1-billion-buyback-plan">off earnings</a>. The two stocks were the biggest movers of the day, according to <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Price Action: Target&#8217;s stock closed the day at $121.72, down 21.41%. According to market strategist Ryan Detrick, Wednesday was the Minneapolis, Minnesota-based company&#8217;s third-worst day in history in the market.
Meanwhile, Williams-Sonoma&#8217;s price action was certainly something to write home about. The San Fransisco, California-based company&#8217;s shares closed the Wednesday trading session at $175.04, up 27.54%. This was the company&#8217;s second-best day ever in the market.
Target Earnings: Target reported earnings-per-share of $1.85 in 2024&#8217;s third quarter, <a href="https://www.benzinga.com/news/earnings/24/11/42085436/target-q3-earnings-supply-chain-chaos-hits-bottomline-slashes-annual-profit-outlook-stock-tanks">under Wall Street&#8217;s projection</a> of $2.30. Revenue numbers also fell under expectations. Net income fell 12.1% year-over-year while cost of sales and administrative expenses increases outpaced revenue growth.
Management cited cost pressures and<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42096714/target-margins-and-inventory-issues-raise-analyst-caution-after-weak-q3-performance"> continued supply chain disruption</a>s for its weak quarterly performance. The company <a href="https://www.benzinga.com/markets/equities/24/06/39544821/target-tightens-shoplifting-rules-reduces-threshold-to-50-report">has previously blamed</a> store theft as a driver of financial underperformance.
Wells Fargo and Citigroup issued a downgrade for Target stock on Wednesday, <a href="https://www.benzinga.com/quote/TGT/analyst-ratings">according</a> to Benzinga analyst ratings.
Williams-Sonoma Earnings: Williams-Sonoma&#8217;s report painted a rosier picture.
The company <a href="https://www.benzinga.com/news/buybacks/24/11/42091624/williams-sonoma-shares-spike-on-heels-of-earnings-report-1-billion-buyback-plan">reported earnings-per-share</a> of $1.96, beating estimates of $1.78. The home furnishing and cooking retailer also gained market share and raised guidance.
Laura Alber, president and CEO, highlighted the company&#8217;s margins as a catalyst for its earnings beat.
&#8220;Our operating results reflect the operational improvements that we have been focused on all year, and demonstrate the strength of our margin profile in a difficult environment," Alber said in a press release.
The Retail Industry: Target <a href="https://www.target.com/s?searchTerm=williams-sonoma&amp;tref=typeahead%7Cterm%7Cwilliams-sonoma%7C%7C%7Chistory">sells</a> Williams-Sonoma cookbooks on its online e-commerce platform.
The two earnings reports paint mixed signals for a retail industry at a crossroads. While some retailers have continued to struggle amid tough macroeconomic conditions and rapid change in the industry at large, others have flourished.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/24/11/42097545/feds-bowman-warns-on-inflation-risks-signals-neutral-rate-may-be-closer">Fed&#8217;s Bowman Warns On Inflation, Says Neutral Interest Rates May Be Closer &#8216;Than We Currently Think&#8217;</a></li>
</ul>
Photos: Shutterstock

Retail Sales

Target Plunges 21% While Williams-Sonoma Soars 27% On Same Day

Up until earlier Wednesday morning, bullish investors had every reason for fueled optimism. Yesterday, big-box retailing giant Walmart Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) delivered strong third-quarter results, posting<a href="https://www.benzinga.com/24/11/42060801/walmart-tops-q3-estimates-ecommerce-growth-shines-with-27-lifts-full-year-forecast"> adjusted earnings per share of 58 cents</a>. This easily eclipsed analysts'<a href="https://www.benzinga.com/calendars/earnings"> consensus view of 53 cents</a>. In addition, revenue hit $169.59 billion, up 5.5% on a year-over-year basis or up 6.2% on a constant-currency basis. This print also beat analysts' estimate of $167.72 billion.
Notably, as Benzinga editor Lekha Gupta pointed out, "Global eCommerce sales rose 27%, driven by store-fulfilled pickup and delivery as well as marketplace growth. Global advertising business grew 28%, including 26% for Walmart Connect in the U.S." As well, the retailer has attracted a growing shopper base of<a href="https://www.benzinga.com/news/earnings/earnings-beats/24/11/42085839/us-retail-giant-walmarts-growth-is-fueled-by-75-of-its-customers-earning-in-six-figures-ceo-doug-mcmillon-explains"> households earning a six-figure income</a>.
Walmart CEO Doug McMillon stated that, "People come to us to shop as a primary destination in many instances and then they give us feedback across categories. And if you look at our offer in food and consumables, our shares are pretty high and consistent relative to some of the things we see in general merchandise."
Unfortunately, not every economic bellwether points in an encouraging direction. While investors celebrated the implied holiday cheer of Walmart's results, they got a reality check with rival Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>). During the midweek session's premarket hours, TGT stock stumbled due to a glaring<a href="https://www.benzinga.com/news/earnings/24/11/42085436/target-q3-earnings-supply-chain-chaos-hits-bottomline-slashes-annual-profit-outlook-stock-tanks"> earnings miss</a>.
The brick-and-mortar behemoth reported adjusted Q3 EPS of $1.85, falling well short of the consensus view of $2.30. In addition, while total revenue for the quarter reached $25.67 billion — representing a 1.1% lift from the year-go period — this figure missed the expectation of $25.90 billion.
Finally, what helped drive investors to the exits was the reduced outlook for the current fiscal year. Management is now forecasting adjusted EPS to land between $8.30 and $8.90, down from the<a href="https://www.benzinga.com/node/40480867"> previous guidance of $9 to $9.70</a>. The revised guidance is also below the consensus estimate of $9.55.
The Direxion ETFs: Although the split sentiments may be confusing Wall Street, this dynamic presents a compelling showcase for Direxion's leveraged exchange-traded funds. For those who remain optimistic, investors may consider acquiring units of Direxion Daily S&amp;P 500 Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPXL#NYSE">SPXL</a>). On the other hand, speculators who feel that a turn for the worst may be imminent may look at Direxion Daily S&amp;P 500 Bear 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPXS#NYSE">SPXS</a>).
Per the financial service provider's website, the SPXL and SPXS funds seek the daily investment results (before fees and expenses) of 300% (or an inverse 300% in the case of SPXS) of the performance of the S&amp;P 500 index. It's important to note, though, that investors must not hold these leveraged funds for periods greater than one day. Doing so may result in value erosion due to the daily compounding of leveraged returns.
The SPXL ETF: Predictably, the SPXL fund has been a strong performer, gaining almost 69% since the beginning of January. However, it's also possible that some cracks may be forming in the armor.
<ul>
<li>While the SPXL is above its 50-day and 200-day moving averages, it has recently been straddling its 20-day exponential moving average, indicating near-term challenges.</li>
<li>Although the SPXL has been on a blistering run, there are signs of a slowdown. In the past six months, the ETF gained just over 26%. In the past month, it has moved up less than 1%.</li>
</ul>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdebd4FcBayrcwuduihEVsyZO79aile1bGCkx3qeOmWSQSTNHot3E0oNiWaN7tZ75WxO5ZIXqyX0qJVjgucKNaRM6uXxoEtUYWtK_OkkYWbkJHCbzPVn-K43L1ZK_y1eIa0JTlb_Q?key=_kQTGEFKUN6FuKd64aaRNp76" alt="" /></figure>
The SPXS ETF: On the other end of the spectrum, SPXS has struggled under the weight of the S&amp;P 500 bull market, losing nearly 47% since the start of the year. Still, a bounce back may be on the horizon.
<ul>
<li>At the moment, SPXS is below the 20 EMA, 50 DMA and 200 DMA. However, recent momentum implies a turnaround is possible.</li>
<li>Since mid-October, a discernible increase in acquisitive volume is evident, suggesting greater confidence in the bearish thesis.</li>
</ul>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdD98lhgkOWTyzf2WA5YZyBQz14PcPfcSxbnFshV36Do49R4Yoabf6x5cgm1ZEMAxVqCmpgchGuUHpa3r0eQ0XvCu9CfHYyl2AJUb5ihwYVYpCW-v5CnBRiji1_5mkspAh_p709Gg?key=_kQTGEFKUN6FuKd64aaRNp76" alt="" /></figure>
Featured photo by <a href="https://pixabay.com/users/fietzfotos-6795508/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=6607631">Albrecht Fietz</a> from <a href="https://pixabay.com/es/photos/bosque-rastro-6607631/">Pixabay</a>.
This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.

Long Ideas

Technicals

ETFs

SPXL

SPXS

Split Sentiments May Drive Huge Interest In Direxion's SPXL And SPXS Leveraged ETFs

Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) shares are trading lower on Wednesday after it reported weak <a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/42085436/target-q3-earnings-supply-chain-chaos-hits-bottomline-slashes-annual-profit-outlook-stock-tanks" rel="noreferrer noopener">third-quarter results and slashed FY24 outlook.</a>
The company reported third-quarter adjusted earnings per share of $1.85,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n42084061/target-corporation-reports-third-quarter-earnings" rel="noreferrer noopener">missing the street view of $2.30</a>.
For FY24, the company now forecasts adjusted EPS between $8.30 and $8.90, down from the&nbsp;<a target="_blank" href="https://www.benzinga.com//node/40480867" rel="noreferrer noopener">previous guidance of $9.00 to $9.70</a>. The revised FY24 EPS outlook is also below the consensus estimate of $9.55.
Here are the analyst&#8217;s take on the earnings performance:
JP Morgan analyst Christopher Horvers reiterated the<a target="_blank" href="https://www.benzinga.com/quote/TGT/analyst-ratings" rel="noreferrer noopener"> Neutral rating on Target Corporation.</a>
The analyst notes that margins were a key factor in the stock&#8217;s reaction, as they are crucial to assessing the likelihood of meeting the 2025 operating margin estimate of 6.0%. While shrink (loss of inventory) helped, the analyst cautioned that higher fulfillment costs and excess inventory hurt margins, lowering the outlook.
For the fourth quarter, the analyst sees flat comparable sales, with a 40-basis-point headwind from the calendar shift, resulting in an operating margin of 4%-5% and earnings per share of $1.85-$2.45, below the Street&#8217;s expectation.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/sports/24/11/42094958/netflix-faces-class-action-lawsuit-over-streaming-crashes-during-jake-paul-mike-tyson-fight" rel="noreferrer noopener">Netflix Faces Class-Action Lawsuit Over Streaming Crashes During Jake Paul, Mike Tyson Fight</a>
BofA Securities analyst Robert F. Ohmes reiterated the Buy rating on the company, with a price forecast of $195.
The analyst notes that Target&#8217;s fiscal third-quarter earnings release raises several questions. They highlight the CEO&#8217;s comments about the &#8220;unique challenges&#8221; faced by the retailer, expressing uncertainty about the specific cost pressures encountered in the third quarter and how much of this can normalize in 2025.
Ohmes is also cautious about the impact of digital growth on gross margin in the fourth quarter and 2025, following the pressures seen in the third quarter.
Additionally, the increase in general liability expenses raises questions, and the analyst is curious about whether shrink (inventory loss) provided a tailwind during the quarter and if it aligned with initial expectations. Finally, Ohmes is concerned about the shift in store-originated comps to a negative -1.9% in the third quarter, reversing the +0.7% growth seen in the second quarter.
Price Action: TGT shares are trading lower by 21.2% to $122.88 at last check Wednesday.
Image via Unsplash
Read Next:
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<li><a href="https://www.benzinga.com/general/sports/24/11/42027257/mike-tyson-discloses-near-death-experience-before-jake-paul-fight" target="_blank" rel="noreferrer noopener">Mike Tyson Discloses Near-Death Experience Before Jake Paul Fight</a></li>
</ul>

Analyst Color

Reiteration

Target Margins And Inventory Issues Raise Analyst Caution After Weak Q3 Performance

Investor sentiment remained subdued on Wednesday as escalating geopolitical tensions weighed on risk assets ahead of the week&#8217;s most anticipated event: Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) third-quarter earnings report, set to be <a href="https://www.benzinga.com/tech/24/11/42093025/will-nvidia-deliver-a-blowout-beat-in-q3-poll-says-maybe-not-but-over-half-see-stock-clearing-150">released after market close.</a>
The market mood deteriorated further after multiple outlets confirmed Ukraine&#8217;s deployment of U.K.-made Storm Shadow missiles into Russian territory, a day after launching U.S.-supplied ATACMS missiles.
The CBOE Volatility Index (VIX), widely regarded as a barometer of market anxiety, spiked over 9%, underscoring rising apprehension among investors. 
Major U.S. indices were in the red, with the tech-heavy Nasdaq 100 leading losses as technology stocks bore the brunt of the sell-off.
The U.S. dollar resumed its upward trajectory, with the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), a proxy for the greenback&#8217;s strength, climbing 0.7%. Safe-haven demand also bolstered gold, which advanced 0.7%, reflecting investors&#8217; flight to safety.
Meanwhile, natural gas emerged as the standout performer among commodities, surging over 6% on the day.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) defied the risk-off sentiment, climbing over 2% to hit a fresh intraday all-time high of $94,989. This propelled its year-to-date gains to an astonishing 123%. 
<h1 class="wp-block-heading">Wednesday&#8217;s Performance In Major Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices </td>
<td>Price</td>
<td>1-day % chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>43,198.51</td>
<td>-0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,886.96</td>
<td>-0.5%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,311.30</td>
<td>-0.6%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,544.18</td>
<td>-0.7%</td>
</tr>
<tr>
<td>CBOE VIX</td>
<td>17.94</td>
<td>9.7%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111924&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.5% to $587.21.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 0.2% to $432.04.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.6% to $500.28.</li>
<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.5% to $229.57.</li>
<li>The&nbsp;Health Care Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) outperformed, falling 1%. The&nbsp;Consumer Staples Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) lagged, down 1%.</li>
</ul>
<h1 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h1>
<ul>
<li>Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) fell 22% in reaction to a negative earnings report. </li>
<li>Other stocks reacting to earnings included Keysight Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEYS#NYSE">KEYS</a>), up 5.7%; XP Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XP#NASDAQ">XP</a>), down 6%; Dolby Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DLB#NYSE">DLB</a>), up 14%; TJX Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TJX#NYSE">TJX</a>), down 0.3% and Williams-Sonoma Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSM#NYSE">WSM</a>), up 30%.</li>
<li>Apart Nvidia, other large-cap tech companies releasing earnings results after the call are Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>) and Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>). </li>
</ul>
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</ul>
Photo: Shutterstock

Large Cap

Broad U.S. Equity ETFs

Commodities

Politics

Forex

Global

Econ #s

Tech

$BTC

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KEYS

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Stocks Fall Ahead Of Nvidia Earnings, Dollar Resumes Gains, Bitcoin Reaches New Record Highs: What's Driving Markets Wednesday?

Deutsche Bank analyst Paul Trussell downgrades Target (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) from Buy to Hold and lowers the price target from $184 to $108.

Downgrades

Deutsche Bank Downgrades Target to Hold, Lowers Price Target to $108

Telsey Advisory Group analyst Joseph Feldman maintains Target (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) with a Outperform and maintains $195 price target.

Telsey Advisory Group Maintains Outperform on Target, Maintains $195 Price Target

Ratings for Target (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) were provided by 7 analysts in the past three months, showcasing a mix of bullish and bearish perspectives.
The following table summarizes their recent ratings, shedding light on the changing sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">1</td>
<td align="right">2</td>
<td align="right">4</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
In the assessment of 12-month price targets, analysts unveil insights for Target, presenting an average target of $171.43, a high estimate of $195.00, and a low estimate of $130.00. A decline of 4.87% from the prior average price target is evident in the current average. 
<img src="https://www.benzinga.com/files/images/story/2024/1732122054_0.png" alt="price target chart" />
<h2>Deciphering Analyst Ratings: An In-Depth Analysis</h2>
The analysis of recent analyst actions sheds light on the perception of Target by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Paul Lejuez</td>
<td>Citigroup</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$130.00</td>
<td>$188.00</td>
</tr>
<tr>
<td>Joseph Feldman</td>
<td>Telsey Advisory Group</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$195.00</td>
<td>$195.00</td>
</tr>
<tr>
<td>Greg Melich</td>
<td>Evercore ISI Group</td>
<td>Lowers</td>
<td>In-Line</td>
<td>$165.00</td>
<td>$170.00</td>
</tr>
<tr>
<td>Dean Rosenblum</td>
<td>Bernstein</td>
<td>Announces</td>
<td>Market Perform</td>
<td>$168.00</td>
<td>-</td>
</tr>
<tr>
<td>Karen Short</td>
<td>Melius Research</td>
<td>Announces</td>
<td>Buy</td>
<td>$180.00</td>
<td>-</td>
</tr>
<tr>
<td>Joseph Feldman</td>
<td>Telsey Advisory Group</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$195.00</td>
<td>$195.00</td>
</tr>
<tr>
<td>Christopher Horvers</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$167.00</td>
<td>$153.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to Target. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Analysts unravel qualitative evaluations for stocks, ranging from 'Outperform' to 'Underperform'. These ratings offer insights into expectations for the relative performance of Target compared to the broader market.</li>
<li>Price Targets: Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
Understanding these analyst evaluations alongside key financial indicators can offer valuable insights into Target's market standing. Stay informed and make well-considered decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/TGT/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Target analyst ratings.</a>
<h2>Discovering Target: A Closer Look</h2>
Target serves as the nation's seventh-largest retailer, with its strategy predicated on delivering a gratifying in-store shopping experience and a wide product assortment of trendy apparel, home goods, and household essentials at competitive prices. Target's upscale and stylish image began to carry national merit in the 1990s-a decade in which the brand saw its top line grow threefold to almost $30 billion-and has since cemented itself as a leading US retailer. Today, Target operates over 1,950 stores in the United States, generates over $100 billion in sales, and fulfills over 2 billion customer orders annually. The firm's vast physical footprint is typically concentrated in urban and suburban markets as the firm seeks to attract a more affluent consumer base.
<h3>Target: Financial Performance Dissected</h3>
Market Capitalization: With restricted market capitalization, the company is positioned below industry averages. This reflects a smaller scale relative to peers.
Revenue Growth: Over the 3 months period, Target showcased positive performance, achieving a revenue growth rate of 2.74% as of 31 July, 2024. This reflects a substantial increase in the company's top-line earnings. When compared to others in the Consumer Staples sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Net Margin: Target's net margin is impressive, surpassing industry averages. With a net margin of 4.68%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): Target's ROE stands out, surpassing industry averages. With an impressive ROE of 8.43%, the company demonstrates effective use of equity capital and strong financial performance.
Return on Assets (ROA): The company's ROA is a standout performer, exceeding industry averages. With an impressive ROA of 2.15%, the company showcases effective utilization of assets.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 1.3.
<h2>How Are Analyst Ratings Determined?</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along withanalyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
Breaking: Wall Street's Next Big Mover
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This article was generated by Benzinga's automated content engine and reviewed by an editor.

Where Target Stands With Analysts

Citigroup analyst Paul Lejuez downgrades Target (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) from Buy to Neutral and lowers the price target from $188 to $130.

Citigroup Downgrades Target to Neutral, Lowers Price Target to $130

Investors with a lot of money to spend have taken a bearish stance on Target (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with TGT, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 30 uncommon options trades for Target.
This isn't normal.
The overall sentiment of these big-money traders is split between 23% bullish and 56%, bearish.
Out of all of the special options we uncovered, 26 are puts, for a total amount of $1,531,020, and 4 are calls, for a total amount of $189,456.
<h3>What's The Price Target?</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $100.0 to $155.0 for Target during the past quarter. 
<h3>Insights into Volume &amp; Open Interest</h3>
In terms of liquidity and interest, the mean open interest for Target options trades today is 1512.41 with a total volume of 20,964.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Target's big money trades within a strike price range of $100.0 to $155.0 over the last 30 days.
<h3>Target 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1732117539_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th align="right">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>TGT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/22/24</td>
<td>$27.75</td>
<td>$27.3</td>
<td>$27.42</td>
<td>$150.00</td>
<td>$159.1K</td>
<td>2.1K</td>
<td align="right">677</td>
</tr>
<tr>
<td>TGT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/22/24</td>
<td>$21.45</td>
<td>$21.15</td>
<td>$21.15</td>
<td>$145.00</td>
<td>$114.2K</td>
<td>3.2K</td>
<td align="right">593</td>
</tr>
<tr>
<td>TGT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>11/22/24</td>
<td>$27.3</td>
<td>$27.0</td>
<td>$27.16</td>
<td>$150.00</td>
<td>$114.0K</td>
<td>2.1K</td>
<td align="right">953</td>
</tr>
<tr>
<td>TGT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/29/24</td>
<td>$4.15</td>
<td>$3.95</td>
<td>$4.17</td>
<td>$125.00</td>
<td>$105.7K</td>
<td>576</td>
<td align="right">328</td>
</tr>
<tr>
<td>TGT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/22/24</td>
<td>$27.55</td>
<td>$27.3</td>
<td>$27.41</td>
<td>$150.00</td>
<td>$98.7K</td>
<td>2.1K</td>
<td align="right">727</td>
</tr>
</tbody>
</table>

<h3>About Target</h3>
Target serves as the nation's seventh-largest retailer, with its strategy predicated on delivering a gratifying in-store shopping experience and a wide product assortment of trendy apparel, home goods, and household essentials at competitive prices. Target's upscale and stylish image began to carry national merit in the 1990s-a decade in which the brand saw its top line grow threefold to almost $30 billion-and has since cemented itself as a leading US retailer. Today, Target operates over 1,950 stores in the United States, generates over $100 billion in sales, and fulfills over 2 billion customer orders annually. The firm's vast physical footprint is typically concentrated in urban and suburban markets as the firm seeks to attract a more affluent consumer base.
<h3>Target's Current Market Status</h3>
<ul>
<li>With a trading volume of 28,087,165, the price of TGT is down by -20.25%, reaching $123.52.</li>
<li>Current RSI values indicate that the stock is may be oversold.</li>
<li>Next earnings report is scheduled for 0 days from now.</li>
</ul>
<h3>What Analysts Are Saying About Target</h3>
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $176.0.
Unusual Options Activity Detected: Smart Money on the Move
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&#x2A; An analyst from Telsey Advisory Group has decided to maintain their Outperform rating on Target, which currently sits at a price target of $195. 
&#x2A; Maintaining their stance, an analyst from Evercore ISI Group continues to hold a In-Line rating for Target, targeting a price of $165. 
&#x2A; An analyst from Bernstein downgraded its action to Market Perform with a price target of $168. 
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Target with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Options

Target Unusual Options Activity

Market Summary

Benzinga Market Summary: Target Falls On Guidance Cut, Bitcoin Rises Above $94K, NVIDIA To Report After The Close

U.S. stocks traded mostly lower this morning, with the Nasdaq Composite falling by more than 50 points on Wednesday.
Following the market opening Wednesday, the Dow traded down 0.05% to 43,245.35 while the NASDAQ fell 0.36% to 18,918.89. The S&amp;P 500 also rose, gaining, 0.28% to 5,900.34.
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Leading and Lagging Sectors Energy shares rose by 0.4% on Wednesday.
In trading on Wednesday, consumer discretionary shares fell by 0.9%.
Top Headline
Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) reported downbeat results for the third quarter and lowered its FY24 outlook on Wednesday.
The company reported third-quarter adjusted earnings per share of $1.85, missing the street view of $2.30. Quarterly total revenue of $25.67 billion (+1.1% year over year) missed the analyst consensus estimate of $25.90 billion.
For FY24, the company now forecasts adjusted EPS between $8.30 and $8.90, down from the previous guidance of $9.00 to $9.70. The revised FY24 EPS outlook is also below the consensus estimate of $9.55. Target expects its fourth-quarter adjusted EPS to range between $1.85 and $2.45, below the consensus estimate of $2.66.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>Quantum-Si incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QSI#NASDAQ">QSI</a>) shares shot up 182% to $1.79 after the company announced a distribution agreement with Avantor for next-generation protein sequencing portfolios for researchers.</li>
<li>Shares of Silexion Therapeutics Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLXN#NASDAQ">SLXN</a>) got a boost, surging 97% to $0.4499 after the company announced Guangzhou Sino-Israel bio-industry investment fund reported a 13.8% stake in the company.</li>
<li>Forte Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBRX#NASDAQ">FBRX</a>) shares were also up, gaining 67% to $9.27 after the company secured $53 million in oversubscribed private placement to advance FB102 clinical programs across autoimmune indications, with key data readouts expected in 2025.</li>
</ul>
Equities Trading DOWN
<ul>
<li>X3 Holdings Co., Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XTKG#NASDAQ">XTKG</a>) shares dropped 33% to $0.0973. The company announced a 1-for-20 reverse stock split.</li>
<li>Shares of PainReform Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRFX#NASDAQ">PRFX</a>) were down 27% to $1.0200 after the company announced initial topline data for PRF-110 Phase 3 clinical trial.</li>
<li>Volato Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOAR#NYSE">SOAR</a>) was down, falling 22% to $0.3677. Volato reported $40.3 million in revenue and confirmed NYSE acceptance of compliance plan in third quarter 10-Q.</li>
</ul>
Commodities In commodity news, oil traded up 1% to $70.09 while gold traded up 0.2% at $2,636.90.
Silver traded down 0.3% to $31.160 on Wednesday, while copper rose 0.8% to $4.1730.
Euro zone
European shares were higher today. The eurozone's STOXX 600 gained 0.5%, Germany's DAX gained 0.5% and France's CAC 40 rose 0.4%. Spain's IBEX 35 Index rose 0.5%, while London's FTSE 100 rose 0.2%.
Construction output in the Eurozone fell by 1.6% year-over-year in September compared to a 2.5% decline in the previous month. Producer prices in Germany fell by 1.1% year-over-year in October.
UK's producer prices declined by 0.8% year-over-year in October versus a revised 0.6% fall in September. Annual inflation rate in the UK rose to 2.3% in October from 1.7% in September.
Asia Pacific Markets
Asian markets closed mostly higher on Wednesday, with Japan's Nikkei 225 falling 0.16%, Hong Kong's Hang Seng Index gaining 0.21% and China's Shanghai Composite Index gaining 0.66%.
Japan's trade deficit shrank to JPY 461.25 billion in October compared to JPY 702.86 in the year-ago month.
Economics
Mortgage applications in the U.S. rose 1.7% from the previous week in the week ending Nov. 15, compared to a 0.5% gain in the prior period.
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Eurozone

FBRX

PRFX

SLXN

SOAR

XTKG

US Stocks Mostly Lower; Target Posts Downbeat Earnings

<ul>
<li>NVDA</li>
<li>MSTR</li>
<li>TGT</li>
<li>$BTC</li>
<li>WMT</li>
<li>TSLA</li>
<li>LUNR</li>
<li>LOT</li>
<li>PLTR</li>
<li>ACHR</li>
</ul>
Data from <a href="https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment">https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment</a>
&nbsp;

ACHR

LUNR

MSTR

PLTR

TSLA

Top 10 Trending Stocks On WallStreetBets As Of November 20, 2024 (Via Swaggy Stocks)

U.S. stock futures were higher this morning, with the Dow futures gaining around 0.2% on Wednesday.
Shares of Powell Industries, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POWL#NASDAQ">POWL</a>) fell sharply in today's pre-market trading after the company <a href="https://www.benzinga.com/quote/POWL/earnings">reported worse-than-expected fourth-quarter revenue results.</a>
Powell Industries reported quarterly earnings of $3.77 per share which beat the analyst consensus estimate of $3.55 per share. The company reported quarterly sales of $275.06 million which missed the analyst consensus estimate of $286.49 million.
Powell Industries shares dipped 15.4% to $264.00 in the pre-market trading session.
Here are some other stocks moving lower in pre-market trading.
<ul>
<li>Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) shares declined 16.3% to $129.62 in pre-market trading following downbeat quarterly results.</li>
<li>Destiny Tech100 Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DXYZ#NASDAQ">DXYZ</a>) shares dipped 13.4% to $39.18 in pre-market trading after jumping 24% on Tuesday.</li>
<li>Silvercorp Metals Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SVM#NYSE">SVM</a>) fell 11.3% to $3.59 in pre-market trading after the company announced a $130 million convertible senior notes offering.</li>
<li>QuidelOrtho Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QDEL#NASDAQ">QDEL</a>) fell 6.7% to $36.01 in today's pre-market trading after the company announced the pricing of secondary offering of common stock by the Carlyle Group.</li>
<li>The First of Long Island Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLIC#NASDAQ">FLIC</a>) fell 5.4% to $13.13 in pre-market trading.</li>
<li>Fabrinet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FN#NYSE">FN</a>) fell 4.8% to $236.90 in pre-market trading.</li>
<li>XP Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XP#NASDAQ">XP</a>) fell 4.1% to $16.00 in pre-market trading following weak quarterly earnings.</li>
<li>Dianthus Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DNTH#NASDAQ">DNTH</a>) fell 2.3% to $21.77 in pre-market trading after declining more than 5% on Tuesday.</li>
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Powell Industries Reports Weak Sales, Joins Target, QuidelOrtho And Other Big Stocks Moving Lower In Wednesday's Pre-Market Session

TGT: -21% &#x7C; <a href="https://www.benzinga.com//node/42084138">Target shares are trading lower after the company reported worse than expected Q3 FY24 earnings and cut 2024 guidance.</a>
&nbsp;
QSI: 91% &#x7C; <a href="https://www.benzinga.com//node/42083527">Quantum-Si And Planet Innovation Will Partner On The Development And Manufacturing Of Quantum-Si's Novel Proteomics Platform, Proteus, Combined Teams Aim To Deliver Novel Proteomics Platform In Under Two Years</a>
&nbsp;
SVM: -16% &#x7C; <a href="https://www.benzinga.com//node/42075880">Silvercorp Metals shares are trading lower after the company announced a $130 million convertible senior notes offering.</a>

Market-Moving News for November 20th

Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) shares are <a href="https://www.benzinga.com/premarket" target="_blank" rel="noreferrer noopener">trading lower in the premarket session on Wednesday</a>. 
The company reported third-quarter adjusted earnings per share of $1.85, <a href="https://www.benzinga.com/pressreleases/24/11/n42084061/target-corporation-reports-third-quarter-earnings" target="_blank" rel="noreferrer noopener">missing the street view of $2.30</a>. Quarterly total revenue of $25.67 billion (+1.1% year over year) missed the analyst consensus estimate of $25.90 billion.
&#8220;We encountered some unique challenges and cost pressures that impacted our bottom-line performance,&#8221; said&nbsp;Brian Cornell, chair and chief executive officer of Target.&nbsp;
The third-quarter gross margin rate decreased by 0.2 percentage points to 27.2%. This was primarily due to higher digital fulfillment and supply chain costs, driven by increased inventory levels, higher digital sales volume, and new supply chain facilities coming online. Operating income of $1.2 billion was 11.2% lower than last year.
Also Read: <a target="_blank" href="https://www.benzinga.com/24/11/42073589/target-q3-earnings-preview-analysts-expect-revenue-eps-growth-attention-may-quickly-turn-to-holiday-quarter" rel="noreferrer noopener">Target Q3 Earnings Preview: Analysts Expect Revenue, EPS Growth As Attention Turns To Holiday Quarter</a>
Target&#8217;s third-quarter comparable sales increased by 0.3%, driven by traffic and digital performance.
Guest traffic grew by 2.4% compared to the prior year. Digital comparable sales rose by 10.8%, reflecting nearly 20% growth in same-day delivery powered by Target Circle 360 and double-digit growth in Drive Up services.
Beauty comparable sales grew by more than 6%, while the Food &amp; Beverage and Essentials categories saw low-single-digit growth compared to the previous year.
Target exited the quarter with cash and equivalents worth $3.433 billion and inventory worth $15.165 billion. The company&#8217;s long-term debt and other borrowings as of quarter end was $14.346 billion.
Outlook Lowered: For FY24, the company now forecasts adjusted EPS between $8.30 and $8.90, down from the <a target="_blank" href="https://www.benzinga.com//node/40480867" rel="noreferrer noopener">previous guidance of $9.00 to $9.70</a>. The revised FY24 EPS outlook is also below the consensus estimate of $9.55.
Target expects its fourth-quarter adjusted EPS to range between $1.85 and $2.45, <a href="https://www.benzinga.com/calendars/guidance">below the consensus estimate of $2.66.</a>
Price Action: TGT shares are trading lower by 16.9% at $129.95 in the premarket session on Wednesday.
Photo via Shutterstock
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<li><a href="https://www.benzinga.com/general/entertainment/24/10/41338328/taylor-swift-teams-up-with-target-for-exclusive-black-friday-merch-will-swifties-boost-q4-s" target="_blank" rel="noreferrer noopener">Taylor Swift Teams Up With Target For Exclusive Black Friday Merch: Will Swifties Boost Q4 Sales, Prove Donald Trump Wrong?</a></li>
</ul>

Guidance

Target Q3 Earnings: Supply Chain Chaos Hits Bottomline, Slashes Annual Profit Outlook, Stock Tanks

U.S. stocks could open on a tentative note on Wednesday amid <a href="https://www.benzinga.com/news/global/24/11/42064198/putin-revises-nuclear-doctrine-for-broader-strikes-after-us-backed-ukrainian-attack-markets-drop-bonds-gain">simmering geopolitical tensions</a>. Futures of all three major indices were marginally up as investors weighed escalating tensions between Russia and Ukraine, and earnings from AI bellwether Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).
U.S. equity markets have had a mixed week so far, with the Dow Jones facing pressure even as the S&amp;P 500 and Nasdaq witnessed sideway movements.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Change (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>0.11%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>0.12%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>0.19%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.09%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Wednesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.13% to $591.05 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.10% to $503.96, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
Markets had a second consecutive mixed session, with the Dow Jones closing lower by 0.3% while the S&amp;P 500 edged up. The Nasdaq gained over 1% in the run-up to Nvidia's earnings.
Crude oil prices continued to gain as Russia-Ukraine tensions escalated.
This geopolitical anxiety rubbed off on treasury yields as well, which edged up.
On the economic data front, housing starts in the U.S. declined by 3.1% to 1.311 million in October versus a revised 1.353 million in the previous month. U.S. building permits declined by 0.6% to an annual rate of 1.416 million in October.
Most sectors on the S&amp;P 500 closed on a positive note, with energy, communication services, and consumer discretionary stocks recording the biggest gains on Monday.
However, industrial stocks bucked the overall market trend, closing the session lower.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>1.04%</td>
<td>18,987.47</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>0.40%</td>
<td>5,916.98</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>-0.28%</td>
<td>43,268.94</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>0.80%</td>
<td>2,324.83</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Wedbush's Dan Ives expressed upbeat sentiment about Nvidia's earnings, saying that the AI giant could deliver earnings beat and raise guidance as well.
"We expect a drop the mic performance from Nvidia tomorrow night as Godfather of AI Jensen &amp; Co. are the only game in town with $1 trillion of AI Cap-Ex on the way with Nvidia&#8217;s GPUs the new oil and gold in this world."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We expect a drop the mic performance from Nvidia tomorrow night as Godfather of AI Jensen &amp; Co. are the only game in town with $1 trillion of AI Cap-Ex on the way with Nvidia&#39;s GPUs the new oil and gold in this world. We believe $2 billion beat/$2 billion guide higher&#x1f525;&#x1f3c6;&#x1f402;&#x1f37f;
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1858854901801009208?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
While there is optimism among analysts about Nvidia and other AI stocks, the European Central Bank expressed caution about the possibility of an "AI bubble."
&#8220;This concentration among a few large firms raises concerns over the possibility of an AI-related asset price bubble,&#8221; the ECB said in its latest Financial Stability Review, underscoring the increasing dependence of the equity markets on select companies.
This could also be a cause of concern for equity markets beyond the U.S., noted the ECB.
"Also, in a context of deeply integrated global equity markets, it points to the risk of adverse global spillovers, should earnings expectations for these firms be disappointed."
Ryan Detrick, chief market strategist at Carson Group, on the other hand, remained optimistic about equity markets.
"Stocks historically do better in years 1 and 2 of a President who was re-elected vs a new President in office."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Stocks historically do better in years 1 and 2 of a President who was re-elected vs a new President in office. <a href="https://t.co/ndj0ZbE4jp">pic.twitter.com/ndj0ZbE4jp</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1858973644086772112?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
"We are in the third year of this bull market and it is worth noting these years can be on the weaker side of things. Good news is if the bull continues (as we expect) years 4-6 are all quite strong," he added.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We are in the third year of this bull market and it is worth noting these years can be on the weaker side of things. Good news is if the bull continues (as we expect) years 4-6 are all quite strong. <a href="https://t.co/HW2PqVo9QU">pic.twitter.com/HW2PqVo9QU</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1858966050886611130?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Upcoming Economic Data
Wednesday's economic calendar is fairly light.
<ul>
<li>Fed Gov. Lisa Cooks will speak at 11 a.m. ET.</li>
<li>Fed Gov. Michelle Bowman will speak at 12:15 p.m. ET.</li>
</ul>
Stocks In Focus:
<ul>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) stock edged up 0.3% in premarket trading on Monday after gaining 4.9% on Tuesday.</li>
<li>MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) stock surged nearly 12% on Tuesday and gained another 2.7% in premarket trading on Wednesday after Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued to chalk gains.</li>
<li>Comcast Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) is expected to spin off its TV cable channels into separate publicly traded companies. Its stock rose 2.4% in premarket trading.</li>
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) stock fell over 4% in premarket trading after surging more than 31% on Tuesday after appointing a new auditor and submitting a plan to comply with the Nasdaq's listing requirements.</li>
<li>Nio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) was down by 1.5% in premarket trading after the Chinese EV player reported widening losses due to intense competition.</li>
<li>Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) fell over 18% in premarket trading after the company posted $1.85 earnings per share in the third quarter, well below Street expectations of $2.30.</li>
<li>Investors are awaiting earnings results from Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) today. Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>), and The TJX Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TJX#NYSE">TJX</a>) today.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures surged in the early New York session, rising by 0.53% to hover around $69.61 per barrel.
The 10-year Treasury note yield increased to 4.426%.
Major Asian markets ended mixed on Wednesday, while European markets witnessed sideways movement in early trading.
Read Next:
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Photo courtesy: Wikimedia

Futures

Economics

Federal Reserve

CMCSA

SMCI

US Stocks Poised For Tentative Start As Geopolitical Tensions, Nvidia Earnings Keep Investors Cautious: Tech Bull Expects AI Bellwether To Deliver 'Drop The Mic Performance'

Target Corp ( ($TGT) ) has released its Q3 earnings. Here is a breakdown of the information Target Corp presented to its investors. Target Corporat...

Target Corporation Reports Modest Q3 Growth Amid Challenges

In a report released today, Bradley Thomas from KeyBanc maintained a Hold rating on Target (TGT – Research Report). The company's shares closed yes...

KeyBanc Sticks to Their Hold Rating for Target (TGT)

JPMorgan analyst Christopher Horvers lowered the firm's price target (TGT) on Target to $139 from $167 and keeps a Neutral rating on the shares. Th...

Target price target lowered to $139 from $167 at JPMorgan

Bank of America Securities analyst Robert Ohmes reiterated a Buy rating on Target (TGT – Research Report) today and set a price target of $160.00. ...

Target's Stock Poised for Recovery Amidst Cost Challenges and Growth Opportunities

Guggenheim analyst Robert Drbul lowered the firm's price target (TGT) on Target to $145 from $180 and keeps a Buy rating on the shares. While "disa...

Target price target lowered to $145 from $180 at Guggenheim

BofA analyst Robert Ohmes lowered the firm's price target (TGT) on Target to $160 from $195 and keeps a Buy rating on the shares following the comp...

Target price target lowered to $160 from $195 at BofA

Piper Sandler lowered the firm's price target (TGT) on Target to $130 from $156 and keeps a Neutral rating on the shares following the notable Q3 m...

Target price target lowered to $130 from $156 at Piper Sandler

Walmart shares are up nearly 100% this year. Conversely, Target shares, including yesterday's drawdropping 20+% decline, are down 15%.

Target And Walmart: Same Business But Different Trends

Stifel lowered the firm's price target on Target (TGT) to $137 from $165 and keeps a Hold rating on the shares. The firm lowered its FY24-FY26 esti...

Target price target lowered to $137 from $165 at Stifel

BMO Capital lowered the firm's price target (TGT) on Target to $120 from $160 and keeps a Market Perform rating on the shares. The company's Q3 res...

Target price target lowered to $120 from $160 at BMO Capital

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1847 Holdings On Cusp Of Closing Sale Of 1847 Cabinets, Proceeds To Go To Working Capital, Liabilities And Potential Share Buyback

Screenshot 2024-04-11 at 5.39.24 PM

ICU Eyewear Diversifies Its Manufacturing With The Help Of 1847 Holdings  – Move Expected To Reduce Costs &#34;Significantly&#34;

Press Releases

Target Circle Week Returns Oct. 6-12 with Seven Days of Deals Up to 50% Off

Target Reveals Top Toys List, Delivering Holiday Magic, Exclusive Finds and New Surprises, with More Than Half the Full Assortment Under $20

Entertainment

Target Announces Exclusive Official 'Taylor Swift | The Eras Tour Book' Available on Black Friday

Target Will Reduce Prices on More Than 2,000 Items to Help Consumers Save this Holiday Season

Target's Thanksgiving Meal is Back and $5 Less Than Last Year, Serving Four People for $20

Target Kicks Off Holiday Savings with Early Black Friday Sale Plus Daily and Weekly Deals

Target Reveals Store Hours for Black Friday, Announces Extended Shopping Hours

Target Corporation to Webcast 3rd Quarter Earnings Conference Call on Wednesday, November 20, 2024

Target Corporation Reports Third Quarter Earnings

Target Announces Black Friday Deals of Up to 50% Off on Thousands of Items Starting Today

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