Shoppers walk past a Target store at the Lycoming Crossing mall in Muncy, Pennsylvania.
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Find out which companies are making headlines in the midday business.
Target – Shares fell 25.6% after the retailer reported disappointing quarterly results, citing high fuel costs and inventory issues. Target posted adjusted quarterly earnings of $2.19 per share, below Refinitiv’s consensus estimate of $3.07. The big-box retailer reported discretionary product sales below expectations.
Walmart – Walmart fell 7%, falling for a second session after suffering its worst one-day loss since 1987 on Tuesday. Target’s quarterly report echoed similar inflationary challenges reported by Walmart in its disappointing first quarter report on Tuesday.
Lowe’s – Shares of the home improvement retailer fell 6.3% on weaker-than-expected first-quarter revenue. Lowe’s posted revenue of $23.66 billion versus $23.76 expected, according to Refinitiv. Lowe’s said cooler spring weather hurt demand for supplies for outdoor projects.
Dollar Tree, Costco – Retail names were dragged down Wednesday by industry giants Target and Walmart, which both said they were struggling with rising costs and inventory issues. Dollar Tree shares fell more than 16%, Dollar General lost more than 11% and Costco slipped about 12%.
TJX Companies – Shares of the retailer jumped 6.3% after the company reported quarterly earnings that beat analysts’ estimates of about 8 cents per share, according to Refinitiv, as other retailers report seeing the inflation reduce their profits.
Shoe Carnival – Shares rose 15.5% after the shoe retailer beat Wall Street expectations in its latest quarter. Shoe Carnival posted quarterly earnings of 95 cents a share, 9 cents above Refinitiv’s consensus estimate. The company also raised its outlook for the full year.
Container Store – Shares gained 8.7% after the storage and organization products retailer posted better-than-expected earnings and revenue for its latest quarter. The container store also said it aims to hit $2 billion in annual sales by 2027.
Doximity – The cloud-based platform fell 11.3% after posting a current-quarter revenue forecast that fell below Wall Street estimates.
Warby Parker – The stock fell 9.3% after Goldman downgraded Warby Parker to neutral long. Goldman said it foresees a longer growth path for the eyewear retailer, which reported quarterly earnings below expectations earlier this week.
– CNBC’s Tanaya Macheel contributed reporting
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