Best Buy Jumps on Digital Marketplace Bandwagon—Doubling Its Online Products
In a company statement, the Minnesota-based retail giant said it will be adding entirely new brands, categories, and products for customers.
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Target Stock Plunges Despite Solid Q2 Results -- CEO Shakeup Sparks Selling
This article first appeared on GuruFocus. Aug 20 - Target Corporation (NYSE:TGT) shares slipped about 7% on Wednesday after the retailer posted mixed second quarter results and announced a leadership transition. The market reaction reflected weaker year-over-year earnings despite signs of operational improvement. Warning! GuruFocus has detected 5 Warning Signs with TGT. Second quarter net sales came in at $25.2 billion, down 0.9% from the prior year. The drop was smaller than in the first quarter, showing that traffic and sales trends are stabilizing, particularly in stores. All six core merchandising categories saw sequential improvements, while digital comparable sales advanced 4.3% on the back of over 25% growth in same-day delivery through Target Circle 360 and continued strength in Drive Up. Non-merchandise revenue also expanded, climbing 14.2% with solid growth in advertising, membership, and marketplace services. Adjusted and GAAP earnings per share landed at $2.05, below the $2.57 earned in 2024, as higher costs and tariff pressures weighed on profitability. Along with results, the board said Monday it has elected Michael Fiddelke as Target's next CEO, succeeding Brian Cornell. The naming is consistent in leadership as the retailer takes the retailer into the high-stakes back-to-school and holiday selling seasons. Based on the one year price targets offered by 30 analysts, the average target price for Target Corp is $105.48 with a high estimate of $140.00 and a low estimate of $82.00. The average target implies a upside of +0.11% from the current price of $105.36. Based on GuruFocus estimates, the estimated GF Value for Target Corp in one year is $147.51, suggesting a upside of +40.01% from the current price of $105.36. Gf value is Gurufocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. For deeper insights, visit the forecast page.
Yahoo
28 minutes ago
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Foxconn, Softbank to establish joint data center equipment factory
This story was originally published on Manufacturing Dive. To receive daily news and insights, subscribe to our free daily Manufacturing Dive newsletter. Apple product maker Foxconn and Japan-based conglomerate Softbank will establish a joint data center equipment manufacturing facility in Lordstown, Ohio, Foxconn Chairman Young Liu announced Monday, according to a transcript obtained by local station WFMJ. 'For the data center equipment part, we and SoftBank will each hold 50%,' Liu said. 'As for the equipment itself and the site, those will be 100% owned by SoftBank.' Foxconn announced earlier this month that it had sold the facility to an undisclosed buyer for $375 million and aims to further develop its artificial intelligence business in the United States, according to various media reports. Last week, Bloomberg reported that Softbank bought the Lordstown facility as it looks to accelerate its plans to jumpstart its $500 billion Stargate Project. The four-year project, announced in January, aims to build new AI infrastructure for OpenAI in the U.S., according to the Jan. 21 press release. Software developer Oracle and tech company MGX are also involved in the project as investors. SoftBank will take on the financial responsibility, while OpenAI will oversee operations. Additionally, Oracle, Nvidia, and OpenAI will collaborate to build and operate the Stargate computing system, according to OpenAI's press release. The buildout is currently underway and started in Texas, with plans to establish more campuses in the U.S. as the companies finalized agreements. The project's progress has been 'going slower than usual,' Softbank SVP and CFO Yoshimitsu Goto said during an Aug. 7 earnings call. One reason, at the time of the call, is the selection of a site to house the project. 'There are a lot of stakeholders,' Goto said. 'To build consensus, we need to have a lot of discussions and also technical issues and construction issues. There are a lot of things that we need to look at.' However, the joint facility plans with Softbank have been moving 'for some time,' more than 'half a year ago,' Liu said on Monday. 'We know that this cooperation project, first of all, requires electricity and land,' Liu added. 'Timing is also very important — if we wait too long, it won't work. Considering all these factors together, we feel that Ohio is a very suitable location. SoftBank feels the same way.' The joint project aligns with Foxconn's shift to AI as demand continues to grow in the U.S., rotating CEO Kathy Yang said during an Aug. 14 earnings call. 'We will utilize our Ohio campus to expand into the manufacturing of cloud and networking products,' Yang said regarding the Lordstown facility. 'This investment will further strengthen Hon Hai Precision Industry's position in the global AI industry and demonstrate our strong partnerships and comprehensive global presence.' The 'overwhelming' customer demand for AI servers had led the company to invest in expanding production at its server manufacturing facilities in Texas and Wisconsin over the next year or two, Yang added. Foxconn also aims to expand production capacity for liquid cooling and testing. Additionally, the company plans to increase production capacity for its cloud and networking-related products at its facilities in California and Ohio, Yang said. 'The U.S. is a vital part of our footprint, enabling us to better serve the rapidly growing demand from our customers for AI and data solutions across the world,' Foxconn Chief Product Officer Jerry Hsiao said in his keynote address at Taiwan Expo USA in Dallas last week. 'Foxconn invests heavily in [research and development] to innovate in areas like cooling technologies, energy efficiency, and modular server design, helping to advance the capabilities of AI infrastructure.' Earlier this year, Foxconn launched its own AI large language model, designed to support various manufacturing-related functions, including data analysis and decision support. Then in May, the Apple product maker expanded its partnership with Nvidia to build an AI Blackwell Supercomputer factory through Foxconn's subsidiary, Big Innovation Co. Foxconn previously acquired the Ohio facility from electric vehicle maker Lordstown Motors in May 2022. The electronics manufacturer initially planned to produce EV battery packs in Lordstown and Mount Pleasant, Wisconsin. The plans changed as Lordstown Motors filed for bankruptcy and sued the electronics manufacturer in June 2023. Also in the same year, Foxconn began selling some of its Mount Pleasant land, with Microsoft as one of the buyers. Elsewhere in the U.S., Foxconn has more than 40 operational sites across 12 states and employs more than 6,500 people, according to an Aug. 14 press release. Recommended Reading Foxconn launches own AI model Sign in to access your portfolio
CNBC
an hour ago
- CNBC
These little robots are changing the way solar farms are built, saving time and money
Private renewable energy projects are still moving forward despite a pullback in government support, and new technology is making that construction more efficient. Solar farms, for example, take meticulous planning and surveying, involve long hours and require significant labor. Now, robots are taking on the job. CivDot is a four-wheeled robot that can mark up to 3,000 layout points per day and is accurate within 8 millimeters. The machine can ride over rugged terrain and work through rough weather. It is the brainchild of California-based Civ Robotics. "Our secret sauce and our core technology is actually in the navigation and the geospatial -- being able to literally mark coordinates within less than a quarter inch, which is very, very difficult in an uneven terrain, outdoor surfaces, and out in the desert," said Tom Yeshurun, CEO of Civ Robotics. The data for manual surveying is uploaded into the Civ software, then the operator chooses the area they want to mark and presses go. The robot does the rest, saving both time and money. "The manual surveying equipment, if you use that in the field and you have three crews, they will need three land surveying handheld receivers. That alone is already equal to how much we lease our machines in the field, and all the labor savings is just another benefit," Yeshurun said. Civ Robotics has more than 100 of these robots in the field that are primarily being used by renewable energy companies, but they are also used in oil and gas. It is currently working with Bechtel Corporation on several solar projects. "These were usually pretty highly paid field engineers that we would send out there, and they might be able to do 250 or 350 pile marks a day. With the CivDot robot, we're able to do about 1250 a day," said Kelley Brown, vice president at Bechtel. Brown said the company has used the robot in thick and muddy terrain in Texas and out in the deserts of Nevada. "And so you have to think about things like the tires, or you may have to think about clearance. Are you trying to get over existing brush and such, across the solar field? So that's one thing that we contemplate. I think the other is, you know, this runs on batteries, so you've got to contemplate battery swaps," she added. Civ Robotics is backed by Alleycorp, FF Venture Capital, Bobcat Company, Newfund Capital, Trimble Ventures, and Converge. Total VC funding to date is $12.5 million. There are other robotics solutions for markings, but the competition is mostly doing work on highways and soccer fields. Yeshurun said those rivals can't handle the terrains that the solar industry faces as it expands into new territories.
