Target Boycott Phase Two: Organizers to Expand Movement This Weekend
The 24-year-old Emory Law School student and Midtown resident is one of an estimated 10,000 members of New Birth Missionary Baptist Church in Stonecrest who answered Pastor Jamal Bryant's call in February to undertake a 40-day 'Target fast' in response to the company's walkback of diversity, equity, and inclusion initiatives, which has sparked nationwide backlash from Black consumers.
Up until recently, Target was an outspoken supporter of DEI programs following the 2020 police murder of Georgia Floyd in Minneapolis, where the bullseye brand is headquartered. But the company announced an end to its three-year DEI goals on Jan. 24, less than a week after President Donald Trump began a push to end public and private sector DEI programs, signaling a larger political shift following Trump's election win in November.
Webb spent Monday evening shopping at a nearby Kroger. He's one of many Black Atlanta residents who have grown weary of Target and other major retailers allegedly taking Black customers for granted.
'We're tired of the economic injustice,' Webb told Capital B Atlanta on Monday. 'We're tired of the political injustice, where people are treating us as a political minority with no power at all.'
Target hasn't responded to Capital B Atlanta's calls and emails requesting comment.
Metro Atlanta was the nexus for the 40-day Target fast, which formally began on March 5 and is scheduled to end on Thursday, coinciding with the conclusion of Lent. However, local boycott organizers and participants say their economic justice movement will continue indefinitely.
On Friday, New Birth will host a three-day event dubbed the Bullseye Black Market that is designed to showcase local Black businesses and give Target boycott supporters a chance to connect with pro-Black brands and entrepreneurs.
On Easter Sunday, the megachurch's pastor is unveiling the next phase in the Target boycott.
'We will give the state-of-the-Target address, as it were — where we are and how do we proceed,' Bryant told Capital B Atlanta on Friday.
Bryant estimates that 150,000 people across America have boycotted Target. Duke University public policy professor Vicki Bogan told CNN recently that Black people represent about 9% of Target's customer base.
Foot traffic at Target stores has declined for 10 consecutive weeks since the company's policy change, according to Retail Brew. In addition, Macrotrends data shows Target's stock price has plummeted from an all-time high of $266.38 in November 2021 to a four-year low of about $95 — a drop likely made steeper by Trump's recent tariffs on foreign imports, which have contributed to widespread market volatility.
Bryant said he's scheduled to meet with leaders at Target this week.
'We'll see whether that comes to bear,' he said.
The Black faith leader acknowledged other companies, including Amazon and Walmart, have eliminated or changed their DEI programs since Trump won reelection, but he said Target stands out because of the $2 billion commitment it allegedly broke to the Black community in the wake of Floyd's tragic killing.
'They disavowed their commitment to George Floyd's family,' Bryant said. 'It was incomprehensible that they will betray a community that has been so loyal to them.'
The Target fast website lists four demands for the retailer: To restore the corporation's commitment to DEI, to honor its $2 billion pledge to Black businesses, to deposit $250 million amongst Black-owned banks, and to invest in retail business education at 10 HBCUs.
Bryant said the goal was to demonstrate the collective economic power of Black consumers, which is expected to surpass $2 trillion in 2026, according to Nielsen.
The boycott, Bryant suggested, has given voice to the Black Americans opposed to Trump policies whose collective will may have been thwarted at the ballot box.
'Our pocketbooks are our picket signs,' Bryant added. 'Our dollar is the demonstration.'
The Target boycott was generated out of the larger Our Money United campaign started more than a year ago by Charles Walker, CEO of Friends of the Movement Global, an Atlanta-based social data analytics company.
Organizers recently unveiled additional tools designed to help Black consumers and their allies avoid spending money with companies that are not aligned with their values, including a National Boycott Registry that helps consumers find businesses that are aligned with their values, a 'Voter Wallet' digital tool that connects users with Black-owned businesses, and a Black Wall Street ticker that tracks and reports community spending.
'Companies don't want to admit that a boycott hurt them, so we have to quantify that on our end,' Walker said. 'This is just starting. We're going to continue to organize and build, block by block.'
The post Target Boycott Phase Two: Organizers to Expand Movement This Weekend appeared first on Capital B News - Atlanta.
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Ives added, "the continued shift to the cloud [is] putting the company in a strong position to accelerate deal flow as more strategic enterprise AI projects take hold over the coming year." Palo Alto Networks (PANW) stock shot up 6% after hours after the company reported solid earnings and margin growth in its fiscal fourth quarter. The cybersecurity firm reported $2.54 billion in revenue in its fiscal fourth quarter (a 16% increase) and earnings per share of $0.95. Wall Street analysts expected revenue of $2.50 billion and earnings of $0.89 per share, according to S&P Global Market Intelligence. Shares of Palo Alto Networks are off by 10% over the past month due to a drawdown following the company's $25 billion acquisition of identity security solutions provider CyberArk. But guidance for full-year adjusted EPS of $3.75 to $3.85 also came in above expectations amid the deal. "Cybersecurity is a clear 2nd/3rd derivative play on the AI Revolution with PANW in the driver's seat to gain market/mind share in the cybersecurity landscape," Wedbush analyst Dan Ives wrote in a note ahead of earnings. Ives added, "the continued shift to the cloud [is] putting the company in a strong position to accelerate deal flow as more strategic enterprise AI projects take hold over the coming year." Goldman's Kostin says S&P 500 earnings surge past expectations Bloomberg reports: Read more here. Bloomberg reports: Read more here. Walmart, Target quarterly results on deck next week The focus turns to retailers next week as heavyweights Walmart (WMT), Target (TGT), Lowe's (LOW), and Home Depot (HD) report results. Investors will be listening for changes in consumer behavior as tariffs and inflation remain top concerns for households. Earlier this earnings season, Amazon CEO Andy Jassy noted that the company wasn't seeing diminishing demand or meaningful price increases. Similarly, Mastercard CEO Michael Miebach said consumer spending remains healthy. However, recent data showed retail sales rose by less than expected in July. And some companies, particularly fast-casual restaurants, noted their customers were pulling back. With that mixed picture in the backdrop, the earnings calendar next week should provide additional insights from some of the big brands Americans shop. Here's what's on deck: Monday Palo Alto Networks (PANW), Blink Charging (BLNK) Tuesday Home Depot, Xpeng (XPEV), Medtronic (MDT), La-Z-Boy (LZB), Toll Brothers (TOL) Wednesday Target, Lowe's, Baidu (BIDU), TJX Companies (TJX), Estée Lauder (EL) Thursday Walmart, Intuit (INTU), Zoom Communications (ZM), Workday (WDAY), Ross Stores (ROST) Friday BJ's Wholesale (BJ) The focus turns to retailers next week as heavyweights Walmart (WMT), Target (TGT), Lowe's (LOW), and Home Depot (HD) report results. Investors will be listening for changes in consumer behavior as tariffs and inflation remain top concerns for households. Earlier this earnings season, Amazon CEO Andy Jassy noted that the company wasn't seeing diminishing demand or meaningful price increases. Similarly, Mastercard CEO Michael Miebach said consumer spending remains healthy. However, recent data showed retail sales rose by less than expected in July. And some companies, particularly fast-casual restaurants, noted their customers were pulling back. With that mixed picture in the backdrop, the earnings calendar next week should provide additional insights from some of the big brands Americans shop. Here's what's on deck: Monday Palo Alto Networks (PANW), Blink Charging (BLNK) Tuesday Home Depot, Xpeng (XPEV), Medtronic (MDT), La-Z-Boy (LZB), Toll Brothers (TOL) Wednesday Target, Lowe's, Baidu (BIDU), TJX Companies (TJX), Estée Lauder (EL) Thursday Walmart, Intuit (INTU), Zoom Communications (ZM), Workday (WDAY), Ross Stores (ROST) Friday BJ's Wholesale (BJ) With Nvidia's Q2 earnings in sight, Trump deal could boost outlook Nvidia's (NVDA) deal with President Trump to give the US government a 15% cut of H20 chip revenue in China adds an interesting wrinkle to the company's earnings. China has responded by urging companies not to use the chips. Yahoo Finance's Daniel Howley writes that the payment, which could face legal challenges, won't show up in Nvidia's Q2 report but could boost its Q3 outlook if the administration moves quickly. Howley notes: Read more here. Nvidia's (NVDA) deal with President Trump to give the US government a 15% cut of H20 chip revenue in China adds an interesting wrinkle to the company's earnings. China has responded by urging companies not to use the chips. Yahoo Finance's Daniel Howley writes that the payment, which could face legal challenges, won't show up in Nvidia's Q2 report but could boost its Q3 outlook if the administration moves quickly. Howley notes: Read more here. McGraw Hill posts profitable quarter in first post-IPO earnings report McGraw Hill (MH) stock gained 2% after reporting its first quarterly results since going public. It traded around $13.61 on Thursday afternoon. In July, shares opened at $17 apiece in the company's IPO. Total revenue increased 2.4% year over year to $535.7 million. The education solutions company also swung to a $0.5 million profit, compared to its $9.4 million loss a year ago. Market share gains, enrollment, and continued demand for digital learning solutions fueled the higher education business, which saw revenue jump 14.1% year over year. Revenue for the K-12 segment, however, declined 1.4%. These two business units make up the bulk of McGraw Hill's business. The smaller international business noted weakness, with an 11.7% decrease in revenue, while sales in the global professional business held steady. For 2026, McGraw Hill sees revenue in a range of $1.98 billion to $2.04 billion. Listen to the earnings call here. McGraw Hill (MH) stock gained 2% after reporting its first quarterly results since going public. It traded around $13.61 on Thursday afternoon. In July, shares opened at $17 apiece in the company's IPO. Total revenue increased 2.4% year over year to $535.7 million. The education solutions company also swung to a $0.5 million profit, compared to its $9.4 million loss a year ago. Market share gains, enrollment, and continued demand for digital learning solutions fueled the higher education business, which saw revenue jump 14.1% year over year. Revenue for the K-12 segment, however, declined 1.4%. These two business units make up the bulk of McGraw Hill's business. The smaller international business noted weakness, with an 11.7% decrease in revenue, while sales in the global professional business held steady. For 2026, McGraw Hill sees revenue in a range of $1.98 billion to $2.04 billion. Listen to the earnings call here. Quantum Computing stock slips as losses accelerate Quantum Computing (QUBT) CEO Yuping Huang said that the company continued to make progress in growing commercial traction in the second quarter, but the industry is still focused on reaching technology milestones. Second quarter revenue totaled approximately $61,000, compared to $183,000 in the same period a year ago. The company reported a net loss of $36.5 million, or $0.26 per share. In Q2 2024, Quantum Computing posted a net loss of $5.2 million, or $0.06 per share. Quantum Computing stock fell 2.3% after hours in what's been a whipsaw year for quantum stocks. In June, the stock spiked 25% in one day after Nvidia CEO Jensen Huang said quantum computing "is reaching an inflection point." But the industry is still in its infancy. The other big quantum player, Rigetti Computing (RGTI), reported a technology breakthrough in its recent results but also big losses. "We are talking of a market that's hundreds of billions of dollars a decade or two from now," Rigetti CEO Subodh Kulkarni told Market Domination Overtime. "But right now, we are clearly in the R&D stage. We clearly need to perfect the technology to get to that big milestone in about four years, which we call quantum advantage." Read more about quantum computing here. Quantum Computing (QUBT) CEO Yuping Huang said that the company continued to make progress in growing commercial traction in the second quarter, but the industry is still focused on reaching technology milestones. Second quarter revenue totaled approximately $61,000, compared to $183,000 in the same period a year ago. The company reported a net loss of $36.5 million, or $0.26 per share. In Q2 2024, Quantum Computing posted a net loss of $5.2 million, or $0.06 per share. Quantum Computing stock fell 2.3% after hours in what's been a whipsaw year for quantum stocks. In June, the stock spiked 25% in one day after Nvidia CEO Jensen Huang said quantum computing "is reaching an inflection point." But the industry is still in its infancy. The other big quantum player, Rigetti Computing (RGTI), reported a technology breakthrough in its recent results but also big losses. "We are talking of a market that's hundreds of billions of dollars a decade or two from now," Rigetti CEO Subodh Kulkarni told Market Domination Overtime. "But right now, we are clearly in the R&D stage. We clearly need to perfect the technology to get to that big milestone in about four years, which we call quantum advantage." Read more about quantum computing here. Applied Materials stock sinks as policy uncertainty weighs on Q4 guidance Applied Materials (AMAT) recorded an earnings beat for the July quarter but said that the "dynamic" policy environment is creating uncertainty for the business. That led the chip equipment maker to issue a revenue forecast of $6.7 billion for the fourth quarter, below what the Street was expecting. 'We are expecting a decline in revenue in the fourth quarter driven by both digestion of capacity in China and nonlinear demand from leading-edge customers given market concentration and fab timing,' CFO Brice Hill said. 'We are navigating and adapting to the near-term uncertainties by leveraging our robust supply chain, global manufacturing footprint and deep customer relationships.' The company, whose clients include Taiwan Semiconductor and Intel, posted record revenue of $7.30 billion in Q3, up 8% year over year, surpassing estimates for $7.2 billion. Earnings per share of $2.48 also beat estimates by $0.12. Applied Materials stock fell 11% in after-hours trading. Read more here. Applied Materials (AMAT) recorded an earnings beat for the July quarter but said that the "dynamic" policy environment is creating uncertainty for the business. That led the chip equipment maker to issue a revenue forecast of $6.7 billion for the fourth quarter, below what the Street was expecting. 'We are expecting a decline in revenue in the fourth quarter driven by both digestion of capacity in China and nonlinear demand from leading-edge customers given market concentration and fab timing,' CFO Brice Hill said. 'We are navigating and adapting to the near-term uncertainties by leveraging our robust supply chain, global manufacturing footprint and deep customer relationships.' The company, whose clients include Taiwan Semiconductor and Intel, posted record revenue of $7.30 billion in Q3, up 8% year over year, surpassing estimates for $7.2 billion. Earnings per share of $2.48 also beat estimates by $0.12. Applied Materials stock fell 11% in after-hours trading. Read more here. Earnings and revenue beats lift Dillard's stock Dillard's (DDS) stock rose 7% on Thursday after the department store chain reported revenue and profit beats for the quarter. Net income fell to $72.8 million compared to $74.5 million a year ago, but earnings per share rose $0.07 year over year after the Arkansas-based company bought back stock. Revenue of $1.53 billion beat Wall Street estimates of $1.52 billion, according to S&P Global Market Intelligence. Earnings per share of $4.66 also topped estimates of $4.00 per share. Total retail sales were flat, with strength in juniors' and children's apparel as well as ladies' accessories and lingerie. The weakest performing category was home and furniture. Other major retailers, including Walmart (WMT), Target (TGT), and Macy's (M), will report second quarter results in the coming weeks, providing a more in-depth look into consumer spending habits. Dillard's stock is up 23% year to date. It has climbed 78% since its April 8 low. Dillard's (DDS) stock rose 7% on Thursday after the department store chain reported revenue and profit beats for the quarter. Net income fell to $72.8 million compared to $74.5 million a year ago, but earnings per share rose $0.07 year over year after the Arkansas-based company bought back stock. Revenue of $1.53 billion beat Wall Street estimates of $1.52 billion, according to S&P Global Market Intelligence. Earnings per share of $4.66 also topped estimates of $4.00 per share. Total retail sales were flat, with strength in juniors' and children's apparel as well as ladies' accessories and lingerie. The weakest performing category was home and furniture. Other major retailers, including Walmart (WMT), Target (TGT), and Macy's (M), will report second quarter results in the coming weeks, providing a more in-depth look into consumer spending habits. Dillard's stock is up 23% year to date. It has climbed 78% since its April 8 low. Advance Auto Parts stock sinks 14% on gloomy financial outlook Advance Auto Parts (AAP) stock sank 14% on Thursday morning after issuing a downbeat profit forecast. The Raleigh, N.C.-based company beat Wall Street's earnings estimates but lowered its full-year earnings per share outlook to $1.20-$2.20 from its previous range of $1.50-$2.50. Advance Auto Parts attributed this change to a higher net interest expense related to its recent senior notes offering. In the earnings call, executives noted that approximately 40% of the company's cost of goods is exposed to tariffs at a blended rate of 30%. During the quarter, Advance Auto Parts saw lower transactions but higher tickets, as prices increased by 2%. The company noted that its competitors are also raising prices in a similar fashion. "If you look at the maybe lower to mid-income cohorts, they are more pressured than others right now," CFO Ryan Grimsland said about the price impacts of tariffs. "The wages aren't necessarily fully keeping up with some of the inflation that's in there. And so there are trade-offs that they're making. And we're still seeing that. It'd be interesting to see how that plays out in the back half of the year." Advance Auto Parts (AAP) stock sank 14% on Thursday morning after issuing a downbeat profit forecast. The Raleigh, N.C.-based company beat Wall Street's earnings estimates but lowered its full-year earnings per share outlook to $1.20-$2.20 from its previous range of $1.50-$2.50. Advance Auto Parts attributed this change to a higher net interest expense related to its recent senior notes offering. In the earnings call, executives noted that approximately 40% of the company's cost of goods is exposed to tariffs at a blended rate of 30%. During the quarter, Advance Auto Parts saw lower transactions but higher tickets, as prices increased by 2%. The company noted that its competitors are also raising prices in a similar fashion. "If you look at the maybe lower to mid-income cohorts, they are more pressured than others right now," CFO Ryan Grimsland said about the price impacts of tariffs. "The wages aren't necessarily fully keeping up with some of the inflation that's in there. And so there are trade-offs that they're making. And we're still seeing that. It'd be interesting to see how that plays out in the back half of the year." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


CNBC
26 minutes ago
- CNBC
Stocks making the biggest premarket moves: Target, Lowe's, Snowflake and more
Check out the companies making the biggest moves in premarket trading: Target — The big box retailer sank 10.5% after announcing CEO Brian Cornell will be replaced by Chief Operating Officer Michael Fiddelke on Feb.1. Target also posted a second-quarter earnings and revenue beat, although its sales and traffic declined, and reiterated its full-year outlook. Lowe's — Shares of the home improvement retailer moved 3% higher on the back of its latest financial results . Earnings came in at $4.33 per share for the second quarter, topping the $4.24 expected from analysts polled by LSEG. Revenue was $23.96 billion, matching the consensus estimate. Lowe's also increased its full-year sales guidance. Estée Lauder — Shares tumbled 8% after the beauty company said it expects tariff-related headwinds to impact profitability for its fiscal 2026 year by approximately $100 million. Estée Lauder also guided for fiscal 2026 adjusted earnings per share in a range below FactSet's consensus estimate, and for fiscal 2026 year-over-year revenue growth of 2.5%, less than the expected 2.6%. Hertz — The car rental company jumped 9% after announcing it will begin selling pre-owned vehicles on Amazon Autos. The offering will be available beginning in four city areas as soon as Wednesday and will expand to 45 locations nationwide. Analog Devices — The stock rose 3.8% following the semiconductor company's earnings beat. Analog Devices reported third-quarter adjusted earnings of $2.05 per share on revenues of $2.88 billion. Analysts polled by LSEG had expected EPS of $1.95 on revenues of $2.77 billion. The company also raised its fourth-quarter guidance. TJX — The stock rose 4.4% after the discount retailer reported second-quarter results that exceeded expectations. TJX posted earnings of $1.10 per share on revenues of $14.40 billion. Analysts polled by LSEG had expected per-share earnings of $1.01 on revenues of $14.13 billion. La-Z-Boy — Shares slid 22% after the manufacturer of recliners posted earnings of 47 cents per share, excluding items, in the fiscal first quarter, missing the consensus estimate from analysts polled by FactSet of 53 cents. The company also gave weaker-than-expected guidance for current-quarter revenue. Alcon — U.S.-listed shares of the Swiss-based eyecare company shed 11%. Alcon's second-quarter revenue of $2.58 billion came in below the $2.62 billion expected from analysts polled by FactSet. The company also lowered its full-year revenue guidance. Toll Brothers — The luxury homebuilder slipped 1.6% following its weak full-year outlook. Toll Brothers, which reported a third-year earnings and revenue beat, expects to deliver 11,200 units versus its prior guidance of 11,200 to 11,600 units. It also guided for the average delivered price per home to come between $950,000 to $960,000, compared to its prior guidance of $945,000 to 965,000. Snowflake — The software stock rose 2.4% after being upgraded at Bank of America to buy from neutral. The bank expects its earnings, due next week, will be a catalyst for the stock and believes Snowflake will outperform long term thanks to artificial intelligence. Upstart — The online lender added 2.5% on the back of an upgrade at JPMorgan to overweight from neutral. The firm said the improved macroeconomic outlook is positive for seasoned fintech leaders and believes Upstart offers the best risk/reward. Gap — The clothing retail moved 2% lower as shares were downgraded to neutral from buy at Citi, which cited tariff pressures. Chip companies — Shares of some chips manufacturers moved lower following a Reuters report that the Trump administration is considering taking equity stakes in those companies that receive funding from the CHIPS Act. Micron sank 5%, while Intel , Taiwan Semiconductor Manufacturing and AMD were all down about 1%. — CNBC's Alex Harring, Sarah Min and Lisa Han contributed reporting.