Target’s earnings on Wednesday crushed estimates, and the stock market rewarded the retailer. But things have not been great for many other retail store brands that recently reported quarterly earnings. Still, a relief rally could be looming for some of the hard-hit retailers like Home Depot, based on a CNBC analysis of recent Black Friday period trading history, conducted using the Kensho hedge fund analytics tool.
The SPDR S&P Retail ETF, the XRT, fell by nearly 2% on Tuesday, with disappointing results from Home Depot and Kohl’s pressuring the sector. Home Depot and Kohl’s both reported a miss on revenue, while lowering their full-year forecasts. In response, Kohl’s saw its worst day ever, plummeting nearly 20%. Home Depot suffered its worst day since February 2018, shedding more than 5%. Adding to the retail pain, Urban Outfitters fell double digits after it missed third-quarter profit and sales expectations. But over the past 5 years… CNBC News
