Target, TJX Slide as Dow Futures Fall Nearly 400 Points
Where is the holiday cheer? Asian and European equities are in the red this morning and U.S. stock futures are lower again. Dow Jones Industrial Average futures are down 0.5%, S&P 500 futures are 0.6% lower and Nasdaq Composite futures have dipped by nearly 1%. Tech is at the epicenter of the fear behind the decline, with Apple (ticker: AAPL) managing through supply-chain issues and Facebook (FB) facing ongoing political scrutiny. But retailers are under pressure too, after Target and TJX released disappointing results. Perhaps we should all head to the mall, and then search for Black Friday iPhone deals on Instagram, to turn the tide. In today’s Morning Movers, we…
Intuit (INTU) fell 0.6% to $198 after reporting fiscal first-quarter earnings. The business-software firm earned 29 cents a share on revenue of $1.02 billion. Analysts were looking for EPS of 11 cents on revenue of $970 million. For the second quarter, it sees EPS of 85 cents to 88 cents on revenues of $1.47 billion to $1.49 billion. The consensus forecast was for EPS of 76 cents on revenue of $1.46 billion. It also reaffirmed its full-year guidance for EPS of $6.40 to $6.50, compared with the $6.48 consensus estimate.
Pure Storage (PSTG) gained 4.1% to $18.25 after reporting third-quarter earnings. The storage provider earned 13 cents a share on revenue of $372.8 million. Analysts were looking for EPS of nine cents on revenue of $367.37 million. For the full year, it sees revenues of $1.376 billion to $1.384 billion, compared with the $1.37 billion consensus estimate. http://www.barrons.com/articles/PR-CO-20181119-910429
Target (TGT) slumped 10.9% to $69.31 after reporting third-quarter earnings. The big-box retailer earned $1.09 a share on revenue of $17.59 billion. Analysts were looking for EPS of $1.11 on revenue of $17.81 billion. For the full year, it reaffirmed guidance for EPS of $5.30 to $5.50 a share, compared with the $5.42 consensus estimate.
TJX Cos. (TJX) weakened 5.5% to $46.27 after the off-price retailer said it earned 63 cents a share on revenue of $9.83 billion. Analysts were looking for EPS of 61 cents and revenue of $9.5 billion. For the fourth quarter, it sees EPS of 66 cents to 67 cents, compared with the 71-cent consensus estimate.
Urban Outfitters (URBN) was up 2.2% to $36.40. The apparel retailer earned 70 cents a share on revenue of $973.5 million. Analysts were looking for EPS of 63 cents on revenue of $967.82 million.
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