Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

After prospering in the pandemic, Target is now a symbol of inflation's impact

Following disappointing results on Wednesday, the Minneapolis retailer endured the biggest single-day drop in its stock price since the 1987 market crash

 

Susan Walsh, Associated Press

Target's latest quarterly profit missed expectations as the company absorbed higher costs.

Target Corp., whose growth in the pandemic pushed its stock to record heights, on Wednesday became a symbol of inflation's toll on the American economy.

The Minneapolis-based retailer's latest quarterly profit was halved compared to a year ago as it contended with higher costs and changes in shopping habits, news that spooked investors fearing signs of recession.

The company's stock price plunged 25%, its biggest one-day drop since the 1987 market crash, and the news helped start a major sell-off in the broader market. The Dow Jones industrials shed more than 1,100 points, or 3.6%, their biggest one-day drop since June 2020.

https://www.startribune.com/inflation-smacks-target-hard-sending-profit-sharply-lower/600174286/

 

Reader Comments(0)

 
 

Powered by ROAR Online Publication Software from Lions Light Corporation
© Copyright 2021

Rendered 07/04/2022 03:05