Target has another profit warning for investors. And tacos are moving into the future. Target is back in the news today, canceling orders to clear out inventory. But investors seemed to shake it off.
The Dow finished higher, gaining 264 points to close at 33,180.
The Nasdaq was up almost one percent, or 113 points
The S&P gained 39.
Back to Target. Inflation is making shoppers more selective, so Target is canceling orders, mostly in home goods and clothing. Target execs say they’re slashing prices as well to get rid of backlogged inventory. Target slashed its operating margin for the current quarter to 2%, down from 5.3%.
Treasury Secretary Janet Yellen says inflation will remain high, but hopes it will come down now. She says bringing down inflation should be the Treasury’s number one priority.
This is the newest way to get your tacos. It’s called Taco Bell Defy. Just opened near Minneapolis. The kitchen is on top of the four-lane drive-thru, and you get your food through a vertical lift. Taco Bell says it’s about cutting the time customers spend in the drive-thru.
From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.
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