Treasury yields surge, Target earnings, 'doomjobbing' and more in Morning Squawk
Target reported a 5.6% increase in same-store sales for the first quarter, exceeding Wall Street expectations. The retailer raised its revenue outlook for the year, leading to a rise in shares during premarket trading. Meanwhile, Lowe's also surpassed analysts' estimates, although its shares fell 2% despite the positive earnings report.
- ▪Target's same-store sales increased by 5.6% in the first quarter.
- ▪The retailer raised its revenue outlook for the full year.
- ▪Lowe's also beat revenue and earnings estimates, but its shares declined by 2%.
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Target beat Wall Street's top- and bottom-line expectations for the first quarter this morning, reporting a 5.6% increase in same-store sales — its first positive number for the key metric in five quarters. The retailer also hiked its revenue outlook for the full year, helping shares rise in premarket trading.The better-than-expected report comes as Target attempts to win back shoppers and reverse a sales slump. CEO Michael Fiddelke told reporters that "we know our work is just beginning, and we have confidence we're on the right path because guests are responding in areas where we are leaning in and driving change."Target wasn't only retailer beating expectations today.
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