Why Shares of Target Rose Today

·2 min read

Shares of the giant retailer Target (NYSE: TGT) rose roughly 4.5% today on the eve of its second-quarter earnings report and after another large retailer, Walmart (NYSE: WMT), reported better-than-expected earnings results. Walmart this morning reported adjusted earnings of $1.77 for its most recent quarter on total revenue of $152.6 billion. "The actions we've taken to improve inventory levels in the U.S., along with a heavier mix of sales in grocery put pressure on profit margin for Q2 and our outlook for the year," Walmart's CEO and President Doug McMillon said in an earnings statement.