Target Corporation (NYSE: TGT) is having a strong time in the pre-market hours this morning, and for good reason. The company released information with regard to traffic in stores and expectations for the second quarter. The high expectations led to excitement among investors, leading to gains in the value of the stock and prompting our partners at Trade Ideas to alert us to the movement. At the moment (9:11), TGT is trading at $53.46 per share after a gain of $2.59 per share (5.09%) thus far today.
TGT Gains On Second Quarter Expectations
As mentioned above, Target Corporation is having a strong start in the pre-market hours this morning after updating investors with regard to what to expect in the second quarter. The company said that due to improved foot traffic and sales trends for the first two months of the quarter, it is expecting a modest increase in comparable sales. If this does happen, it will prove to be the first time in five quarters.
This is overwhelmingly positive news. After all, the previous forecast surrounding comparable sales was not so good. In fact, TGT originally expected a single-digit decline. Another bit of positive news came by way of profit forecasts. The company said early this morning that it is expecting second quarter profits to come in above its forecast range of $0.95 to $1.15 per share.
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What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on TGT. In particular, we'll be following the company to see if the second quarter was indeed as positive as expected. We'll continue to follow the story closely and bring the news to you as it breaks!
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