Diamonds and Dogs
Target (TGT) back on target. The retailer is jumping 9% following better than expected earnings as revenue rose 5.0% to $17.63 billion. Target's strategy to invest more in its delivery services and revamp stores drew in more shoppers this quarter. Their new delivery options allowed the company to report better-than-expected same-store sales of 4.8% while comparable digital sales grew by 42% in the quarter. Moody's analyst said Target hit the bullseye.
Three dogs on the day. Chipmaker, Qualcomm (QCOM) is down 10% today after losing a court ruling regarding antitrust. Qualcomm will appeal the decision, but longer term the settlement with Apple should improve their fundamentals even with the court ruling. Two retailers, Nordstrom (JWN) and Lowes (LOW) are both down over 8% following disappointing earnings and lower guidance.