The markets were higher again today as investors began to feel more bullish on retail stocks. News from target sent the bulls into the retail space which helped fuel a small rally. Oil also saw a small bounce which garnered some attention from the bulls. The Dow 30 was higher by 21, the S&P 500 added 4, and the Nasdaq 100 gained 13. Wrapping up the week tomorrow investors will get a look at core retail sales numbers which tend to be a market mover.
Target (NYSE: TGT) shares were in focus this morning and traded strong all day long, adding 4.80%. The bullish move came after the retail giant announced it would raise its guidance for comparable sales and earnings per share in the second quarter. In their announcement, Target said it now expects to report a "modest increase" in comparable sales along with second quarter earnings per share to be on the high end its range of $0.95 to $1.15. Target shares along with the retail sector in general have suffered so far this year but could this be the beginning of a bounce?
Delta Air Lines (NYSE: DAL) shares pulled back 1.77% today as the airliner announced earnings that showed a 20% drop in profit for its second quarter. It's total revenue rose 3.3% to $10.79 billion, and it's passenger unit revenue rose 2.5% during the quarter, but investors chose to focus in on the profit. Despite the decline today, shares are still trending higher and are just off highs of the year.
Snap (NASDAQ: SNAP) saw a pause in selling pressure today as shares bounced 2.95% on news of an upgrade. Analyst firm Stifel Nicolaus announced in its report today that it "thinks investors are overreacting as the lock-up expiration date of Snap shares approaches." The analyst at the firm, Scott Devitt upgraded the parent company of Snapchat to buy from hold. Devitt also mentioned "strong user engagement and steady growth" among reasons for the upgrade. Despite today's small bounce, shares are still near their all time lows.