Diamonds and Dogs
8/21/24
Target (TGT) is the diamond, up 12% on second-quarter results that surpassed Wall Street's expectations. The retailer's guidance was in-line as the company remains cautious on the consumer, but management did say they are making progress on "Inventory shrinkage" AKA stealing as Target is locking up more merchandise, closing stores with high crime levels and adding third party service guards and new technology in their stores.
Macy's (M) continues to move in the wrong direction. Macy's is down 11% near a 9 month low after beating estimates, but missing on sales and lowering guidance for the pull year. Macy's is looking to shrink to survive, closing 55 stores this year, more than the 50 projected earlier this year with a goal to close a total of 150 stores. The company rejected a $24.80 per share takeover offer last year, a 60% premium to the current stock price.
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