Target, Facebook, Ford: Stocks That Defined the Week
August 23 2019 - 7:27PM
Dow Jones News
Target Corp.
The bargain bin is back as shoppers seek out value and
convenience. Discounter Target said sales at stores open at least a
year rose 3.4% in the three months ended Aug. 3 while revenue and
earnings also climbed. Its stock rose 20% Wednesday, the day its
results were released. Target has been spending heavily to adjust
to changes in shopping habits, and there were signs those
improvements paid off. Digital sales were up 34% from a year
earlier. Meanwhile, traditional department stores are still
hurting; Nordstrom Inc. said that sales and profit slipped in the
latest quarter.
Ford Motor Co.
Big auto makers are trying to figure out who is in the driver's
seat when it comes to emissions rules: the White House or the state
of California. President Trump in a tweet criticized Ford for a
deal made last month with California regulators to meet new
fuel-economy standards that are tougher than a proposal developed
by his administration. California, home to the biggest auto market,
has sued the administration over a rollback of Obama-era
vehicle-emission standards. Ford's shares dropped 0.9% Wednesday,
the day of the president's remarks.
Overstock.com Inc.
Patrick Byrne ended his 20-year tenure as chief executive of
Overstock.com in his typical provocative fashion. He stated in a
letter that he was "too controversial" to stay in charge of the
e-commerce and blockchain company and that "my presence may affect
and complicate all manner of business relationships." Investors
reacted by sending the company's shares 8.3% higher Thursday. The
CEO's exit came less than two weeks after Mr. Byrne alluded in
another letter to a romantic relationship with jailed Russian agent
Maria Butina and covert activities on behalf of the U.S.
government.
Facebook Inc.
Big Tech is under the microscope yet again. A group of state
attorneys general is preparing to move forward with a joint
antitrust investigation of giant technology companies, The Wall
Street Journal reported Monday. Facebook is likely to be a focus of
the new investigation, along with Alphabet Inc.'s Google,
Amazon.com Inc. and Apple Inc. The probe is expected to examine
whether a handful of dominant technology platforms use their
marketplace power to stifle competition. The Justice Department
announced its own antitrust review last month. Shares of Facebook
fell 1.3% Tuesday.
Advanced Micro Devices Inc.
Companies that manufacture parts and materials in China received
a directive from President Trump on Friday: Come back home. The
president said American firms were "hereby ordered" to start
looking for alternatives to doing business in China after Beijing
said it would impose tariffs on $75 billion worth of additional
U.S. products. "We don't need China and, frankly, would be far
better off without them," Mr. Trump said in a tweet. Semiconductor
companies were among the hardest hit. Shares of Advanced Micro
Devices fell 7.4%.
HP Inc.
One of the world's largest PC makers is losing its CEO. HP boss
Dion Weisler said he will step down this year for health reasons
and eventually leave Silicon Valley to be with his family in
Australia. He took over as CEO in 2015. He will be succeeded by
Enrique Lores, a Spaniard who joined the company as an intern 30
years ago. Shares of the company fell 5.9% Friday. Mr. Weisler has
led the seller of computer and printers since Hewlett-Packard Co.
in 2015 split the company that Bill Hewlett and Dave Packard
started in 1939.
Lowe's Cos.
Americans who shop at home-improvement retailers are helping
shore up the U.S. economy during a time of rising global
uncertainty. Lowe's beat analysts' estimates for second-quarter
earnings and same-store sales. Its stock rose 10% Wednesday after
releasing those numbers. Home Depot Inc. also topped expectations,
and its CEO said "consumer confidence is near record-high
levels."
Francesca Fontana
(END) Dow Jones Newswires
August 23, 2019 19:12 ET (23:12 GMT)
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