Stocks Look Steady After More Retail Earnings, Near-Record Closes
Retail earnings continued Wednesday, with Target reporting fiscal third-quarter earnings and revenue that topped estimates. The big-box retailer raised forward guidance. But like Walmart on Tuesday, Target investors worried about margins as the company absorbed some of the higher costs of supply chain disruptions and labor shortages rather than passing them on to consumers. Target shares fell more than 4% in the premarket. One day after Home Depot’s strong quarterly results, Lowe’s reported fiscal third-quarter earnings and revenue that beat expectations. The home improvement chain got a bump in business from home professionals and online sales. Like Home Depot, Lowe’s quarterly same-store sales single-digit percentage increases exceeded estimates but were not nearly as much as the Covid-fueled nesting trend of a year ago. Lowe’s raised its full-year revenue forecast. Shares rose 4% in the premarket. Read more at CNBC.
