Here’s a bit of news that should energize every broadcast media sales executive in America: Target Corp. hit it out of the ballpark in the second quarter, with strong earnings and an improved outlook for the second half of 2019.
Investors cheered, buying TGT shares in droves.
On exceptionally high volume of 40.6 million shares against normal trading volume of 5.13 million shares, Target stock was up 20.6% to $103.13.
That’s easily a record high for a retailer that saw its shares trading at $52.29 in June 2017.
Propelling the retailer was a 3.6% gain in sales during Q2, to $18.18 million. Net earnings grew by 17.4% to $938 million ($1.82 per diluted share) from $799 million ($1.49).
The big news for investors: Target now expects full-year 2019 GAAP EPS from continuing operations and Adjusted EPS of $5.90 to $6.20, compared with the prior range of $5.75 to $6.05.
How did media stocks fare on Wednesday? Visit the RBR.com homepage for the Wall Street Report.