Wall Street drifts as Target tumbles [Los Angeles Times (CA)]
S&P Global Inc. (SPGI)
Last s&p global inc. earnings: 4/28 07:10 am
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Source: Los Angeles Times
Target lost more than a fifth of its value after the retailer gave a dour forecast for the holiday shopping season. The Standard & Poor's 500 index finished the day virtually unchanged after erasing a loss of 1% from the morning. The Dow Jones industrial average eked out a gain of 0.3%, and the Nasdaq composite slipped 0.1%. Target's 21.4% tumble followed its report showing weaker profit and revenue for the latest quarter than analysts expected. The retailer also gave a forecast for profit in the upcoming holiday season that was below analysts' estimates. Target's performance stood in stark contrast to rival Walmart, which reported another quarter of stellar sales Tuesday and released optimistic projections for the holiday season. Hints about how U.S. consumers are doing are under particular scrutiny, given that they'll need to keep spending if the U.S. economy is to continue to avoid a recession. Shoppers are contending with high prices across the economy and still-high inter
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