Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average
finished up 52 points on Wednesday after declining earlier in the session.
- Target Corp. (TGT) fell 5.7% after earnings from the retailer missed analysts' expectations.
- Tiffany & Co. (TIF) posted a big earnings beat and issued a strong outlook for fiscal 2018. The stock jumped 23%.
Wall Street Overview
Stock reversed earlier losses on Wednesday and finished slightly higher after the Federal Open Market Committee released minutes from its May meeting.
The Dow Jones Industrial Average
Stocks fell earlier in the day after comments from President Donald Trump that cast doubt on a planned nuclear summit with North Korea and ongoing trade talks with China.
Trump told reporters in Washington there was a "substantial chance" his June 12 meeting in Singapore with North Korea's Kim Jong Un may not take place, given the change in tone the regime has displayed since criticizing a joint U.S.-South Korea military exercise last week. Trump insisted, however, there was still a "good chance" a meeting will ultimately take place.
Investors also were rattled by Trump's assessment on the developing trade negotiations with China, which he described as "a start" and said he was "not pleased" with the current progress even after Treasury Secretary Steven Mnuchin declared earlier this week the trade war to be "on hold."
Comcast said its bid for the entertainment assets of Rupert Murdoch's company would be superior to the $60 billion offer currently on the table from Disney, although Comcast said that no final decision had been taken even as it noted that it was in "advanced" stages of the approach, which includes getting regulatory approval for the purchase.
"Any offer for Fox would be all-cash and at a premium to the value of the current all-share offer from Disney," Comcast said in a statement. "The structure and terms of any offer by Comcast, including with respect to both the spinoff of 'New Fox' and the regulatory risk provisions and the related termination fee, would be at least as favorable to Fox shareholders as the Disney offer."
Comcast fell 1.9%, Fox rose 1.6% and Disney was down 1.1%.
Target Corp. (TGT) reported quarterly adjusted profit of $1.32 a share, below Wall Street expectations of $1.39. Comparable-store sales in the fiscal first quarter grew 3.0%, beating estimates that called for a 2.8% increase. The retailer said it expects second-quarter adjusted earnings of $1.30 to $1.50 a share, analysts expect $1.35, and comparable sales to grow in the 'low to mid single-digit range."
Target held to its full-year outlook, saying it expects adjusted earnings of between $5.15 and $5.45 a share. The stock fell 5.7%.
Tiffany & Co. (TIF) reported first-quarter earnings of $1.14 a share, beating estimates of 83 cents. Same-store sales in the quarter jumped 10%, smashing estimates of 3.1%.
Tiffany said it expects fiscal 2018 earnings of $4.50 to $4.70 a share; forecasts called for profit of $4.42. The stock jumped 23%.
Union members at casinos in Las Vegas voted to authorize a strike at any time starting June 1, a move that could cripple the city's world-famous resorts.
A strike would affect properties owned by MGM Resorts International (MGM) , Caesars Entertainment Corp. (CZR) and Tropicana Las Vegas, which is owned by Penn National Gaming Inc. (PENN) , the union said.