- A boost in guidance from Target (TGT +3.8%) is giving a lift to the retail sector. The retailer's return to positive territory with comparable sales growth is the headliner from the update.
- "Overall, we find the guidance update notable, particularly in light of worsening trends across the majority of retailers," says Stifel Nicolaus analyst Mark Astrachan.
- "We believe the positive guidance revision indicates early success of the company's investments into the business, including in price, labor, and digital," he adds.
- Gainers today amid the Target development include Dollar General (DG +1.4%), Dollar Tree (DLTR +2.2%), Big Lots (BIG +1.9%), Fred's (FRED +7.7%), Ollie's Bargain Outlet Holdings (OLLI +0.9%), Macy's (M +4.2%), Dillard's (DDS +3.3%), Kohl's (KSS +3.7%), TJX Companies (TJX +1.3%), Gap (GPS +4.5%), Duluth Holdings (DLTH +2%), Express (EXPR +3.4%), Shoe Carnival (LON:CCL) (SCVL +3.3%) and Dick's Sporting Goods (DKS +3.3%).
- The SPDR S&P Retail (MX:XRT) ETF (NYSEARCA:XRT) is up 1.61% on the day.
- ETFs: XLY, XRT, VCR, RTH, RETL, FDIS, FXD, RCD, PMR, FTXD, CNDF, JHMC.
- Now read: Don't Be A Target
Original article