Retailers Hammered by Profit Concerns: Target Down 10%, Kohl's 8%
|A retail sector rout is adding to tech misery. Target, Kohl's, and Lowe's lead the action to the downside.
The S&P 500 fell into negative territory for the year as Retail Warnings added to the misery of a tech bust in progress.
- Target Corp shares (TGT.N) slumped 10.28 percent after the retailer’s third-quarter profit missed analysts’ estimates as investments in its online business, higher wages and price cuts hurt margins.
- Department store operator Kohl’s Corp (KSS.N) shed 9.42 percent after its full-year profit forecast fell below expectations.
- Home improvement chain Lowe’s Cos Inc (LOW.N) fell 4.76 percent after it unveiled further plans of restructuring in the face of worse-than-expected comparable sales numbers.
- TJX Cos Inc (TJX.N) slipped 3.4 percent after the off-price retailer’s holiday-quarter earnings forecast fell largely below estimates.
- Ross Stores (ROST.O) fell 6.94 percent as its fourth-quarter forecast for same-store sales came below analysts’ expectations.
Tech Rout
Stocks Negative for the Year
This is not even a down payment on what's coming.
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