© Reuters.
By Liz Moyer
Investing.com — Stocks trended lower on Wednesday on a downbeat report from Target that put a damper on hopes for holiday sales. Here are the midday movers for Nov. 16:
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Target Corporation (NYSE:) shares fell 12% after it reported its profit in the fell 50% as it continued to clear out excess inventory. It aims to cut $3 billion in costs over the next few years. Results for the quarter fell short of expectations.
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Lowe’s Companies Inc (NYSE:) stock rose 3.8% after the home improvement retailer reported better than expected and raised its full year outlook. Same store sales rose 2.2% and it foresees full year sales between $97 billion and $98 billion.
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Advance Auto Parts Inc (NYSE:) stock fell 16% after same store sales dipped and it for the quarter. It lowered its EPS guidance.
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Micron Technology Inc (NASDAQ:) stock fell 7% after it said it was cutting its memory chip production by 20% and said the market outlook has weakened.
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Restaurant Brands International Inc (NYSE:) stock rose 6.6% after the Burger King parent said it had named former Domino’s Pizza (NYSE:) CEO Patrick Doyle as its executive chairman to “unlock growth.”
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