Target Stock Tumbles as Earnings Miss the Mark | Global News Avenue

Major U.S. stock indexes were mixed on Wednesday, with little change as Nvidia (NVDA) Prepare to disclose quarterly results After the closing bell.

The S&P 500 rebounded in the afternoon to end flat after spending much of the day in negative territory. The afternoon gains helped the Dow gain 0.3%, while the Nasdaq closed down 0.1%.

The best performer on the S&P 500 on Wednesday was shares of electronics test and measurement provider Keysight Technologies (button), soaring 8.8%, hitting a 52-week high. Keysight Technologies reported better-than-expected fourth-quarter earnings per share (EPS) and revenue, driven by investments in artificial intelligence (AI) technology. Forecasts for the current quarter were also higher than expected.

Humana (snortThe stock rose 5.8% after Wells Fargo raised its target price on the stock. Analysts said their stronger expectations for the insurer hinged on an update to managed care estimates, which indicated they believed the risk/reward profile of Humana’s Medicare Advantage business had improved under a Republican-controlled federal government.

Shares of real estate analytics and marketing company CoStar Group (CSGPShares of the company rose 5.8% after Needham reiterated a “buy” rating on the stock. Analysts cited a number of positives for CoStar, suggesting the online real estate marketplace operator is poised to benefit from strategic sales initiatives and potential improvements in the commercial real estate market. Additionally, a potential fall in interest rates in 2025 could help drive higher bookings.

Target(TGT) After the retail giant announced its earnings report, its stock price plummeted 21.4%, making it the largest decliner in the S&P 500 Index. Sales and profits lower than expected third quarter. While digital sales were up from a year ago, comparable store sales were down, and Target stressed that consumers wary of inflation are take a cautious approach Shopping and spending. Target’s misstep comes a day after rival Walmart.WMT) beat quarterly expectationshelping Walmart’s stock price hit a record high.

Ultramicrocomputer (SMCI) shares fell 8.7%, giving up some of the gains last session. The server maker’s stock price has been volatile in recent weeks as AMD addressed concerns about its accounting practices that led to a delay in its annual report. Earlier this week, the company submitted a plan to avoid delisting its stock from Nasdaq and announced that accounting firm BDO USA would serve as its new auditor.

Semiconductor manufacturer Qualcomm (Qualcomm) held its first investor day in three years, outlining growth forecasts for its business beyond smartphones, with a focus on automotive and the Internet of Things (IoT). However, Qualcomm shares fell 6.3% as analysts questioned the company’s expected growth trajectory in the market and its ability to capture market share. Qualcomm makes most of its revenue from smartphone chips and faces the same pressure to diversify as Apple (AAPL) away from Qualcomm components.