Target ( TGT) 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) 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.