Target (TGT - Get Report) is trending after reporting fourth-quarter results that beat estimates despite a drop in earnings. The retailer reported a net income decline of 2% because of competition during the holiday season, but its adjusted results and first-quarter earnings forecast beat Wall Street expectations. Target earned $961 million, or $1.47 a share, for the period, down from $981 million, or $1.45 a share, a year earlier. Excluding items, earnings were $1.65 a share, beating analysts' expectations of $1.47 a share. The company forecast adjusted earnings of $1.10 to $1.20 a share, exceeding analysts' prediction for earnings of $1.05 a share. Revenue came in line with Wall Street's expectations, rising 7% to $22.73 billion. Target experienced disappointing sales from its collaboration with Neiman Marcus during the holiday season. The retailer discounted the designer clothing and other goods before Christmas Day.
Best Buy (BBY - Get Report) is another popular search. The electronics chain plans to cut 400 jobs at its headquarters in an effort to cut costs. The cuts are expected to save the company an estimated $150 million in selling, general and administrative costs. The move is part of a larger $725 million cost-cutting plan announced by CEO Hubert Joly in November.