Target Shares Fall After Earnings Miss – Market Update 3 Mins Ago

Target shares fell nearly 7% in premarket trading after the retailer reported weaker-than-expected earnings and a sales decline. The company earned $2.03 per share, missing analysts’ expectations of $2.06 per share. Revenue was in line with expectations at $24.53 billion, with the results driven by consumers purchasing fewer groceries and home goods at the retailer.

In Europe, markets opened lower on Wednesday following the release of fresh U.K. inflation data. The pan-European Stoxx 600 was down 0.34% at 8:10 a.m. London time, with the U.K.’s FTSE 100, Germany’s DAX, and France’s CAC 40 all trading in the red. Autos dropped 2.3%, and oil and gas stocks lost 0.74%.

On Tuesday, 7 of the 11 S&P 500 sectors finished higher, with utilities leading the gains. Energy was the biggest laggard, down 0.51%. All sectors are less than 10% off their 52-week highs, while the tech sector saw a fresh record close.

In after-hours trading, Urban Outfitters, Viasat, and Toll Brothers were among the stocks making big moves. Urban Outfitters added nearly 8% after beating estimates, while Viasat slid nearly 13% after posting a loss. Toll Brothers advanced more than 1% after reporting better-than-expected earnings.

Stock futures for all three major indexes were little changed Tuesday night, indicating a flat open for the markets.