Stocks making the biggest moves premarket: Target, Palo Alto Networks, Lowe's, UnitedHealth and more
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Bloomberg
3 minutes ago
- Bloomberg
Stock Movers: Target, TJX, Coty
On this edition of Stock Movers: - Target (TGT) shares ended the day on the downside. This comes after the company named Michael Fiddelke as its next chief executive officer, betting that the insider will revive the storied retailer struggling with weak sales. The company said Wednesday the board unanimously elected Fiddelke, who currently serves as chief operating officer, to be CEO starting in February. He will also join Target's board, while current CEO Brian Cornell, who has led the big-box retailer since 2014, will transition to focus on his role as executive chair. - TJX (TJX) shares rose to a record high today after the off price retailer raised its full-year earnings per share outlook after better-than-expected results, a sign that shoppers wary of economic uncertainty are turning to discounters. The TJ Maxx and Marshalls parent now expects full-year earnings per share of $4.52 to $4.57, up from $4.34 to $4.43. The company said it assumed it will be able to offset the significant pressure it expects from tariffs throughout next year. Revenue of $14.4 billion in the three months ending Aug. 2 beat analysts' expectations. Chief Executive Officer Ernie Herrman said in the statement that the current quarter is 'off to a strong start.' - Coty (COTY) shares fell after forecasting steep sales declines will continue as retailers clear out existing inventory and consumer demand remains tepid in the face of an uncertain economic outlook. Shares sank 12% in post-market trading. Coty dropped 30% this year through Wednesday's close, compared with an 8.7% rise for the S&P 500 Index over that time. In the current quarter, like-for-like sales, which measures revenue from existing business units, will fall between 6% and 8%, the perfume and cosmetic seller said in a statement, more than consensus expectations for a 2.6% drop. The struggles come at the end of a five-year turnaround initiative aimed at reinvigorating growth and amid reports that the company is contemplating selling off its high-end brands to peer Interparfums Inc. The lower-end brands, which include Covergirl and Rimmel cosmetics alongside fragrances for Adidas and Nautica, could also be sold in a separate transaction, Women's Wear Daily said in June.
Yahoo
21 minutes ago
- Yahoo
Target CEO to step down amid company struggles
Target is counting on a company veteran to revive its magic as it struggles to compete with rivals like Walmart. The Minneapolis-based retailer said Wednesday that Chief Operating Officer Michael Fiddelke, who has been with Target for 20 years, will become CEO Feb. 1. (AP Production: Marissa Duhaney)
Axios
31 minutes ago
- Axios
The value wars are back as big brands cut prices amid tariffs
Parts of corporate America are swallowing margins to keep people spending. Why it matters: Chains like McDonald's, Target, Kohl's and Pizza Hut are slashing certain prices, expanding deals and leaning on subsidies — early proof that brands are willing to trade profit for traffic. The "value wars" are back as tariffs threaten to push broader prices higher and cash-strapped households pull back. Driving the news: Target is leaning harder into low-price private store brands and keeping the $1/$3/$5 front-of-store value bin prices as it retools merchandising, executives said Wednesday. The Minneapolis-based retailer also announced a CEO succession plan. McDonald's is rolling out nationwide combo meal discounts in September, subsidizing franchisees to cut prices by 15% on eight meals and reviving an expanded value menu, the Wall Street Journal reports. Kohl's is reversing years of coupon exclusions, expanding the brands eligible for discounts to woo frustrated shoppers and drive store traffic. And Pizza Hut is launching $5 "Crafted Flatzz" before 5pm, while Olive Garden is reviving its Never Ending Pasta Bowl at the same price since 2022. The big picture: Lower-income households are disproportionately trading down or pausing spend, forcing companies that drifted upmarket during the inflation surge to reset price points and reposition value. Between the lines: Deep deals can ding profit margins, but chains are betting sharper entry prices will rebuild traffic and checkouts. McDonald's subsidies highlight how far brands will go to reset "affordability" perceptions. Target's "last resort" pricing stance shows retailers will squeeze suppliers, change assortments and lean on private-label mix before passing along tariff pain. What they're saying: "Consumers remained very hard-pressed in terms of finances, so they are seeking value and sharp pricing to make their dollars stretch further," GlobalData managing director Neil Saunders tells Axios. Saunders said companies are responding with price cuts, sales and more deals, which can move the deal and drive volume. "Offering more value options on the menu is a way of course correcting," Saunders said, noting McDonald's went from a cheap fast food fix to a relatively expensive purchase for a family. Rick Gomez, Target's chief commercial officer and executive vice president, said during an earnings call Wednesday that consumers are looking to stretch their budgets, "navigate inflation and uncertainty around tariffs." Yes, but: Deals won't be found everywhere. Some brands are openly passing along tariffs in the form of higher prices. Estée Lauder CFO Akhil Shrivastava said Wednesday the beauty brand is weighing increases. Sony announced Wednesday that it will raise prices of its PlayStation 5 console in the U.S. by about $50 starting Thursday as it faces higher costs. Wha we're watching: Walmart, the world's largest retailer, announces its quarterly earnings Thursday.
