Target Shares Surge High in Premarket Trading Following Better-than-expected Quarterly Results
Shares of Target Corp. jumped more than 6 percent in premarket trading on Wednesday after the company reported adjusted earnings and sales in the last quarter outstripped markets’ forecasts.
The retailer earned $681 million, or $1.23 a share, compared with $632 million, or $1.05 a share, a year ago. Adjusted for one-time items, net earnings were $1.21, topping Wall Street’s expectations.
Sales were reported to come in at $16.02 billion, slightly lower than $16.19 billion recorded a year ago. However, the result still beat market forecast of $15.62 billion. The company forecasts adjusted earnings for the second quarter to fall in a range from 95 cents to $1.15 a share. Economists expect adjusted earnings to reach $1 a share.
Buy Stop at 56.80, Take profit 58.00, Stop loss at 56.20