• 14 hours ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Target isn’t expecting to have a happy holiday.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05Wall Street has its eyes on geopolitical tensions
00:07between Ukraine and Russia, and that
00:09is resulting in some market volatility on Wednesday.
00:12Bitcoin is making fresh record highs,
00:14and the price of gold is up.
00:17Turning to other headlines, we're
00:19getting mixed signals from retailers
00:21as they face their most important time of the year,
00:24holiday shopping season.
00:26Target sounded the alarm, saying consumers are still
00:29being picky and choosy about what they buy
00:31and what they're willing to pay.
00:33That is in stark contrast to Walmart,
00:36who said customers are spending more compared
00:39to the same time last year.
00:41Target's warning comes amid a terrible earnings update.
00:44Third quarter profits missed estimates by the biggest measure
00:47in two years.
00:49Sales were weaker than expected, even though the retailer
00:52has been slashing prices on thousands of products
00:55for months.
00:56The company's chief operating officer
00:57told investors people just aren't
00:59buying what they don't need and are still price conscious.
01:03Quote, it's disappointing that a deceleration
01:06in discretionary demand combined with cost pressures
01:09have caused us to take our guidance back down
01:12after raising it last quarter.
01:15Target also has an inventory problem.
01:18It bought a lot of goods in anticipation of the port worker
01:21strike, but with that strike short-lived and shoppers
01:24dragging their feet, Target is now oversupplied.
01:28This likely means one thing for Target shoppers,
01:31even bigger holiday discounts as Target
01:34turns to deeper price cuts to save the holidays.
01:38And that'll do it for your daily briefing from the New York
01:40Stock Exchange.
01:41I'm Conway Gittens with The Street.

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