Target’s dismal quarterly results are dinging the retail sector today
Target (TGT) stock is dragging the retail sector today, after the company’s worst earning miss in two years and disappointing full-year outlook. Apparel names Abercrombie & Fitch Co (NYSE:ANF), Macy’s Inc (NYSE:M), and Urban Outfitters, Inc. (NASDAQ:URBN) have third-quarter reports due out before and after the close on Tuesday, Nov 26. With Black Friday coming up as well, now is a good time to check in with these stocks.
ANF is down 2.4% to trade at $139.24 at last check, pacing for a third-straight daily loss as it tests its 20-day moving average. Shares still boast 57.9% year-to-date lead, though, and could find additional support at the $139 level, which also contained last week’s pullback.
M was last seen down 3.7% at $14.58 — its lowest level since September. The security last week failed to conquer its 80-day trendline, and is now eyeing its eighth loss in the last nine sessions. So far in 2024, Macy’s stock shed 27.4%.
URBN sports a slim year-to-date lead, but fell 15.3% in the last nine months, and is down 2% to trade at $36.87 at last check. Th equity is on track for its fourth daily loss in five, but support remains at its 60-day trendline.
Both ANF and M have a positive history of post-earnings moves, finishing five and six of the past eight next-day sessions higher, respectively. Meanwhile, URBN was lower after half of the reports from the past two years. The options pits are currently pricing in bigger-than-usual moves for all three stocks, regardless of direction.