These 2 Favorite Stocks Hurt Their Shareholders Wednesday
The stock market generally gained ground on Tuesday, lifted in part by a strong showing from one of the biggest companies in the retail sector. Yet on Wednesday morning, the picture changed somewhat, and major market benchmarks went from positive to negative as new evidence emerged that things might not be as rosy as some had believed.
In particular, the latest financial results from department store giant Target (NYSE: TGT) left investors wondering if the holiday season might not fare as well as they had previously hoped. Moreover, news from cruise ship operator Carnival (NYSE: CCL) (NYSE: CUK) reminded market participants that the fallout from higher interest rates and the lingering macroeconomic impacts of the COVID-19 pandemic could extend for years to come.
Shares of Target plunged nearly 16% in premarket trading on Wednesday morning. The retail giant reported third-quarter financial results that failed to show the improvement investors had counted on seeing after Target hit stiff headwinds earlier in the year.
Source Fool.com
