Target earnings missed the mark. And Best Buy is getting into the hearing aid business. Just a day after Walmart pushed the Dow into positive territory, Target has brought the party crashing down, with quarterly profits that fell by 90%.
The Dow fell 171 points, half a percent, to close at 33,980
The S&P dropped 31
The Nasdaq fell 164 points, or 1.25%.
Back to Target – net income was $183 million, down from $1.8 billion during the same period a year ago. Customers stopped buying non-essential stuff. Target cut prices, but it didn’t help: the company just has too much inventory. Shares fell 3%. The good news – Target says it’s now positioned for a rebound.
Shares of Bed Bath & Beyond are skyrocketing today. A Wall Street analyst warned investors should *sell the now meme stock. That’s all Reddit users needed to hear to buy it up. Shares are up 23% today.
Best Buy will begin selling hearing aids this fall. The FDA recently gave the greenlight for over-the-counter hearing aids, so you don’t need a prescription or exam for most hearing aids. That opens the door for retailers like Best Buy, which says 300 of its stores will have displays.
From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.