Target tumbles 20% after its sales and earnings fall short. Here's what went wrong.
CBSN
Target is heading into the holiday season with a gloomy outlook, with the retailer reporting its sales and profit fell short of analysts' expectations and lowering its earnings forecast for the current quarter. Its shares tumbled almost 20% in pre-market trading.
Shares of Target tumbled $28.78, or 18.5%, to $127.22 in premarket trading.
The retail chain said its third-quarter sales rose 1.1% to $25.7 billion, while net income dropped 12% to $854 million, or $1.85 per share. Analysts had forecast sales of $25.9 billion and per-share earnings of $2.30, according to analysts surveyed by FactSet.
A 92-year-old man has been charged in the U.K. with the murder and rape of a woman almost six decades ago, British police said Wednesday.
Target is heading into the holiday season with a gloomy outlook, with the retailer reporting its sales and profit fell short of analysts' expectations and lowering its earnings forecast for the current quarter. Its shares tumbled almost 20% in pre-market trading.
A major storm swept across the northwestern U.S., battering the region with strong winds and rain, causing widespread power outages and downing trees that killed at least one person.
An endangered fin whale that washed up near a coastal trail in Alaska's largest city has attracted curious onlookers while biologists seek answers as to what caused the animal's death.
Just two blocks from the University of Georgia campus, in a downtown courtroom in Athens, Georgia, Jose Ibarra is on trial for the murder of 22-year-old Laken Riley, a former UGA student who transferred to the nursing program at Augusta University's Athens campus.
Columbia, S.C. — Susan Smith, the South Carolina mother convicted of killing her two sons by rolling her car into a lake in 1994 with the boys strapped in their seats inside, will ask a parole board for her freedom on Wednesday.
The Biden administration will provide Ukraine with controversial anti-personnel mines in its war against Russia, a U.S. official confirmed to CBS News Tuesday night.
Los Angeles — Katt Williams, the Emmy-winning actor and renowned stand-up comedian, for years has claimed to have joined the U.S. Marine Corps as a teenager and successfully navigated the rigorous training only to be drummed out of the military when his superiors discovered he was a minor. The Marines told CBS News they have no record of him.
An explosion at an Ohio home Tuesday killed two people, injured one and sent debris flying throughout a neighborhood, authorities said.
As Rep. Brad Wenstrup prepares for his retirement in six weeks, he often recalls one day in particular. He was prone on the ground, face down in the grass, with a baseball helmet on his head.
H&R Block and Intuit shares dropped on Tuesday after the Washington Post reported that President-elect Donald Trump's Department of Government Efficiency, which is run by billionaires Elon Musk and Vivek Ramaswamy, is looking at developing a free app for people to file their taxes.