Diamonds and Dogs
Retail in focus for a second day. Target (TGT) is jumping 14% to new highs following better than expected earnings. Target beat by 18 cents and raised guidance for 2020. Target is proving that it is America's new department store beating out the other department stores like Macy's (M), Kohl's (KSS), J.C. Penney (JCP) and Sears. Lowes (LOW) is also higher by 3% to new highs following earnings.
Urban Outfitters (URBN) not looking so good. The trendy clothing retailer is down 15% to a three-month low after missing earnings by a penny as sales rose 1.4% to $987.47 million missing estimates of a one billion. Looking ahead to the fourth quarter, the retailer is encouraged by positive sales-to-date and points out the consumer is in good shape, but cautioned investors saying next week's Black Friday and then Cyber Monday have an outsized effect on total quarterly comparisons and those results are yet to be written.